Profits at The New York Times show media dinosaurs are ruling the internet
Today’s news that The (failing?) New York Times reported net income of $55.2 million, after losses a year earlier — and that its digital business raked in $709 million — is just one indicator that some of the nation’s oldest media properties are finally crossing the bridge into the 21st century.
The Times managed to turn a profit while employing 1,600 journalists — an all-time high. Fourth-quarter digital advertising revenue increased 22.8 percent, while print advertising revenue decreased 10.2 percent. Digital advertising revenue was $103.4 million, or 53.9 percent of total advertising revenues, compared with $84.2 million, or 46.1 percent, in the fourth quarter of 2017, according to the company.
Those numbers, added to a newly robust Washington Post, a consistently profitable New Yorker and the erection of paywalls at sites across the vast reaches of the internet, point to a very simple lesson learned — people will pay for quality reporting, videos, personal writing and exclusive information.