The times they are a-changing. Admittedly, they’re changing because the bedrock of media business models is being eroded by the same digital trends that allow much more efficient dissemination of journalism, but they are changing nonetheless. And some media businesses are managing to pivot towards sustainability in that new ecosystem without having to compromise on their central mission.
That’s been most apparent over the past weeks with the latest results from the New York Times, which has been making noise about the success of its ongoing transition from an advertising-based to a subscription-based business.
Essentially, all told, the NYT was able to grow revenues from digital ads, subscriptions and affiliate revenue by around 30 percent since last year. That means they can legitimately claim to have grown digital revenues more than its print revenues shrank, as its total number of digital subscribers rose 62.2 percent on last year to reach 2.2 million total, of which “the single largest cohort” is the elusive (and meaningless) millennials.