Advertising revenues for the New York Times Company fell 6.7 percent over all in the third quarter of 2019, the company announced. Digital ad revenue dropped 5.4 percent, while print advertising revenue dropped 7.9 percent.
Meanwhile, the publisher added 273,000 new online subscribers in the quarter, for a total of four million digital readers, according to the company.
The drop in print advertising was not unusual, said a story in the paper on the quarterly results. The drop in digital ads was more surprising, the Times said.
“Like other publishers, we’re seeing continued turbulence in the digital advertising space,” said Mark Thompson, New York Times Co. president and chief executive officer on the third quarter earnings statement. “While digital advertising performed slightly better in Q3 than we had originally forecasted, we expect a fairly challenging fourth quarter, largely due to comparisons to a very successful Q4 of 2018. We remain confident in our strategy, which has a particular focus now on major advertising relationships like the recently announced multi-year deal with Verizon, one of the largest commercial agreements in our history, and on new advertising opportunities like podcasting, where we are seeing spectacular growth.”