The New York Times had some bad and good news mixed into its third quarter earnings report. While print ad revenue plummeted by 19 percent compared to 3Q 2015, digital revenue grew by 21 percent.
The 19 percent print ad revenue drop contributed heavily to an eight percent total ad revenue decline. The steep decline is worrisome by itself; making matters worse is that the Times also had a 14 percent drop in print ad revenue last quarter.
Times CEO Mark Thompson said he expects the print ad revenue woes to continue next quarter.
“We expect print advertising to remain challenged in the fourth quarter and while we will continue innovating and investing where we think it makes sense, we will remain focused on our cost structure and on rapidly growing our digital business,” said Thompson.
Digital ad revenue, which now accounts for 36 percent of the Times’ total ad revenue, jumped to $44 million. The Times also added 116,000 net digital-only subscribers, bringing its total to 1.6 million.