The New York Times Co. added new digital subscribers at a record rate as the coronavirus spread in the first quarter, helping offset shrinking ad revenues.
The newspaper publisher said it is “well positioned to ride out this storm and thrive in a post-pandemic world” because of its shift to relying more on subscriptions from readers than on advertising.
While the Times and a few other national publishers like the Wall Street Journal have successfully built up digital subscription models, local news publishers are largely struggling to do so.
Many news organizations are cutting pay, jobs or even shutting down as advertising craters. On a conference call Wednesday morning, Times CEO Mark Thompson said the Times will also have to cut costs