New York Times Earnings Call Notes

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New York Times’ (NYT) Mark J. T. Thompson on Q2 2016 Results

More visual with video, virtual reality and live interactive journalism

“In the quarter, consistent with where we believe consumption is moving, we increased our efforts to make our report more visual with video, virtual reality and live interactive journalism. In the quarter, we produced our 12th and 13th virtual reality films, and have done more than 400 live streams using Facebook Live.”

Increasing digital-only subscriptions

“Combined at the end of the quarter, we have 1,424,000 digital-only subscriptions, an increase of more than 25% year-over-year. The acceleration in the number of digital subscriptions makes this not just a growing but an accelerating revenue stream.”

Digital advertising slightly below expectations

“Digital advertising was somewhat lower than we expected for the quarter, down 7% compared to Q2 2015. We continue to see large year-over-year increases in smartphone, branded content and programmatic, but these were not enough to offset declines in web homepage and other traditional display advertising.”

Decreased dependence on print advertising

“But it’s worth pointing out that print advertising only accounted for 23% of total revenue in Q2 2016. We are, in other words, far less reliant on it than we once were.”