The New York Times Building.

(Reuters)

(Central News Agency) The New York Times Co. (The New York Times Co.) said today that the number of digital-only subscribers to the New York Times website increased by more than 1 million last year, offsetting the impact of slowing advertising and helping to boost full-year revenue amid media business adversity.

The New York Times reported that 240,000 digital-only subscribers will be added in the fourth quarter of 2022, and more than 1 million subscribers will be added throughout the year, bringing the total number of subscribers to 8.8 million.

As for the number of paper subscribers in the fourth quarter, it decreased from 795,000 in the same period of the previous year to 730,000.

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After including new subscribers, the total number of New York Times paid subscribers came to 9.6 million. The company's goal is to increase the total number of paid subscribers to 15 million by the end of 2027.

Adjusted operating profit for 2022 was $347.9 million, up slightly from the previous year and better than the company's own forecast, the New York Times reported.

Annual revenue of $2.3 billion, up 11.3% from 2021.

The New York Times reported that total revenue for the fourth quarter of 2022 was US$667.5 million, an increase of 12.3% over the same period of the previous year; subscription revenue accounted for US$414.1 million, an increase of 17.9%.

"This is the most digital-only year we've ever added subscribers in a year and only fewer than 2020," said NYT CEO Meredith Kopit Levien in a statement. "Importantly, with each passing season we discover more evidence that, Reader demand for our full suite of news and lifestyle information is strong."