New York Times Company CEO Janet Robinson said today in the company’s earnings report she is “pleased” with how the New York Times’ paywall has been working with consumers, and says the paywall will have a significant effect on the company’s finances in the second half of the year.
“The positive consumer response to the digital subscription packages is a strong indication of the value that users place on our high-quality news, analysis and commentary,” she said in a statement. “We are pleased with how this initiative is rolling out, in particular performance of key metrics, including the volume of paid digital subscriptions, overall traffic rates and digital advertising revenues.”
Despite the happy face, the company’s news media group reported a 1.3 percent drop in revenue and a 7.3 percent drop in profit (excluding special items); including a $137 million writedown of assets at the regional media group, the company reported a second quarter loss of $114.1 million.
Digital ad revenues across Times properties continue to rise; the news media group in particular saw digital revenues rise 15.5 percent to $58.2 million; digital revenues now make up 28 percent of the company’s total.