Fewer people pay for The New York Times – level 3

Fewer people pay for The New York Times

08-11-2024 07:00

In the third quarter, The New York Times (NYT) experienced slower growth in digital subscribers. Due to economic uncertainty, consumers were spending less.

This slower growth was surprising, as it came just before the US presidential election on November 5, a period that usually boosts media engagement. NYT added 260,000 digital subscribers during the quarter, less than the 300,000 in the previous quarter and also below the 280,200 predicted by analysts. Although digital advertising sales rose by 8.8%, marking their strongest growth in over two years, the company’s stock fell by 8%. Analysts suggest that rising inflation and competition could be reducing consumers’ willingness to pay for news.

NYT has a goal of reaching 15 million digital subscribers by 2027, but the recent results highlight challenges in that strategy. For the next quarter, NYT expects subscription revenue to grow between 7% and 9%.

Difficult words: engagement (taking part in something), inflation (a general increase in prices and fall in the purchasing value of money), revenue (the income generated from normal business operations).

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What factors do analysts suggest could be reducing consumers' willingness to pay for news, contributing to The New York Times' slower growth in digital subscribers?

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