New York Times' Digital Subscription Growth Slows Down

The New York Times observed a slowdown in the number of new digital subscribers in the third quarter. This highlights a broader challenge faced by media companies, as consumers are becoming more cautious with their spending amid economic uncertainties.

The company gained 260,000 new digital-only subscribers, falling short of the 300,000 increase in the second quarter and behind analysts' expectations of 280,200 subscribers, according to Visible Alpha data.

This slowdown occurred despite a positive increase in the company's advertising sales. The New York Times' total advertising revenue rose by 1.1% to reach $118.4 million, surpassing the forecasted $116.93 million according to LSEG compiled data.

Despite the slowdown in subscriber growth, the company's overall financial performance was close to expectations. Total revenues reported for the quarter amounted to $640.2 million, slightly below the expected $640.8 million. The trend of readers reducing their subscriptions signals a broader budget-conscious behavior in an environment marked by economic uncertainty.