The New York Times Company (NYT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du journalisme numérique, le New York Times a magistralement transformé son activité de journaux traditionnels en une centrale médiatique de pointe. En tirant sur le plan stratégiquement la technologie, l'innovation de contenu et une compréhension approfondie des préférences des lecteurs modernes, NYT a repensé son modèle commercial pour prospérer à l'ère numérique. Cette exploration de la toile du modèle commercial du NYT révèle comment une institution vieille de 170 ans a réussi à naviguer dans le paysage des médias complexes, transformant les défis en opportunités et redéfinissant comment la qualité du journalisme peut être livrée et monétisé au 21e siècle.

The New York Times Company (NYT) - Modèle d'entreprise: partenariats clés

Fournisseurs de plate-forme numérique

Le New York Times a des partenariats stratégiques avec:

Google	Plateforme de publicité et de distribution numérique	Station de revenus estimée à 45,2 millions de dollars en 2023
Apple News +	Distribution de contenu numérique	Part des revenus de l'abonné d'environ 50%
Spotify	Distribution de contenu audio	Valeur du partenariat annuel autour de 12,3 millions de dollars

Agences de publicité et entreprises d'achat de médias

Les réseaux de partenariat publicitaire clés comprennent:

• Groupe publique
• Groupe WPP
• Groupe de médias Omnicom

Revenus publicitaires totaux	673,2 millions de dollars en 2023
Pourcentage de publicité numérique	62% des revenus publicitaires totaux

Réseaux de syndication et de distribution de contenu

Les partenariats de distribution comprennent:

• Syndication internationale avec Reuters
• Licence de contenu académique avec EBSCO
• Partenariats internationaux de journaux

Revenus de syndication

87,5 millions de dollars en 2023

Vendeurs technologiques pour l'infrastructure numérique

Partenariats technologiques critiques:

• Amazon Web Services (AWS)
• Microsoft Azure
• Rapidement (réseau de livraison de contenu)

Dépenses annuelles d'infrastructure technologique

42,6 millions de dollars

Journalistes indépendants et créateurs de contenu externe

Détails du réseau de contributeurs indépendants:

Total des contributeurs indépendants	Environ 750
Budget annuel de contenu indépendant	18,3 millions de dollars
Compensation moyenne par article	$1,200 - $3,500

The New York Times Company (NYT) - Modèle d'entreprise: activités clés

Production de contenu numérique et journalisme

Le New York Times emploie 1 600 employés de la salle de rédaction en 2023. Le budget de la salle de rédaction annuelle est estimé à 250 millions de dollars. La production de contenu numérique comprend:

• Couverture de nouvelles quotidiennes sur plusieurs plateformes numériques
• Journalisme d'investigation
• Création de contenu multimédia

Gestion de l'abonnement et acquisition des clients

Métrique d'abonnement	2023 données
Abonnés numériques totaux	9,7 millions
Revenus d'abonnement annuel	1,1 milliard de dollars
Taux de croissance des abonnés numériques	14.3%

Développement et maintenance de plate-forme numérique

Investissement infrastructure technologique: 180 millions de dollars par an. Composants de plate-forme clés:

• Site Web nytimes.com
• Applications mobiles
• Produits numériques spécialisés

Analyse et personnalisation des données

Taille de l'équipe d'analyse des données: 150 professionnels. Dépenses en R&D de la technologie annuelle: 95 millions de dollars.

Focus d'analyse	Mesures clés
Suivi d'engagement des utilisateurs	Mesure d'interaction de contenu en temps réel
Algorithme de personnalisation	Système de recommandation axé sur l'apprentissage automatique

Marketing et promotion de la marque

Budget marketing: 125 millions de dollars en 2023. Les stratégies promotionnelles comprennent:

• Campagnes publicitaires numériques
• Marketing des médias sociaux
• Programmes d'acquisition des abonnés ciblés

The New York Times Company (NYT) - Modèle d'entreprise: Ressources clés

Éditorial expérimenté et personnel de rapport

En 2024, la New York Times Company emploie environ 2 200 membres du personnel de la salle de rédaction. La société compte 1 700 journalistes dans divers départements et emplacements mondiaux.

Catégorie du personnel	Nombre d'employés
Personnel total de la salle de rédaction	2,200
Journalistes	1,700
Lauréats du prix Pulitzer sur le personnel	132

Systèmes de technologie de technologie numérique et de contenu

Le New York Times investit considérablement dans les plateformes d'infrastructure numérique et de technologie.

• Investissement technologique annuel: 200 millions de dollars
• Plateforme numérique développée avec un système de gestion de contenu personnalisé
• Infrastructure de cloud computing alimentée par Amazon Web Services

Grande réputation de marque et crédibilité journalistique

Le New York Times maintient un réputation de marque de grande valeur avec 9,4 millions d'abonnements numériques uniquement au quatrième trimestre 2023.

Métriques de marque	Valeur
Abonnements numériques	9,4 millions
Abonnements totaux	10,4 millions
Classement de la valeur de la marque	Top 10 des marques de médias

Bibliothèque de contenu numérique et archivistique étendue

La société maintient une archive numérique complète couvrant plusieurs décennies.

• Archives numériques totales: plus de 175 ans de contenu
• Articles numérisés: environ 18 millions
• Stockage de contenu d'archives: infrastructure cloud à l'échelle de la pétaoctet

Données propriétaires et idées du public

Le New York Times exploite l'analyse avancée des données pour la compréhension du public.

Métriques d'analyse des données	Valeur
Investissement annuel des données	50 millions de dollars
Suivi d'engagement des utilisateurs	Données comportementales en temps réel
Algorithmes de personnalisation	À l'alimentation de l'apprentissage automatique

The New York Times Company (NYT) - Modèle d'entreprise: propositions de valeur

Journalisme de haute qualité, crédible et approfondi

Au quatrième trimestre 2023, la New York Times Company a déclaré 9,47 millions d'abonnements au total, avec 5,9 millions d'abonnements numériques.

Métriques de qualité du journalisme	2023 données
Les prix Pulitzer ont gagné	5 prix Pulitzer
Équipes de rapports d'enquête	37 journalistes d'investigation dédiés
Investissement de journalisme annuel	245,3 millions de dollars

Couverture d'information globale et locale complète

Le New York Times conserve 12 bureaux internationaux et 18 salles de rédaction nationales.

• 150+ pays couverts régulièrement
• Articles de presse quotidiens: environ 250
• Correspondants internationaux: 75

Expérience de lecture numérique personnalisée

Fonctionnalités de personnalisation numérique	Métriques d'engagement des utilisateurs
Recommandations de nouvelles personnalisées	42% des abonnés numériques utilisent
Suivi du temps de lecture	Disponible pour 87% du contenu numérique

Accessibilité du contenu multiplateforme

Revenus de plates-formes numériques en 2023: 817,4 millions de dollars

• Téléchargements d'applications mobiles: 3,2 millions en 2023
• Plateformes numériques: Web, iOS, Android, Kindle
• Articles audio: 35 millions d'écoutes annuelles

Source d'information de confiance pour divers publics

Demographie du public	Pourcentage
Lecteurs éduqués au collège	68%
Abonnés de 18 à 34 ans	37%
Abonnés internationaux	22%

The New York Times Company (NYT) - Modèle d'entreprise: relations clients

Modèles d'abonnement numérique

Au quatrième trimestre 2023, le New York Times a rapporté 9,7 millions d'abonnements numériques au total. Le chiffre d'affaires numérique de la société a atteint 801 millions de dollars en 2023, ce qui représente une augmentation de 12,6% d'une année sur l'autre.

Niveau d'abonnement	Prix ​​mensuel	Caractéristiques clés
Numérique de base	$4.25	Accès Web et application
Tout accès	$7.50	Web, application et réplique d'impression
Prime	$9.99	Accès numérique complet + fonctionnalités supplémentaires

Recommandations de contenu personnalisés

Le NYT utilise des algorithmes de recommandation dirigés par l'IA qui analysent les modèles de lecture des utilisateurs. En 2023, les recommandations de contenu personnalisées ont augmenté l'engagement des utilisateurs de 22% et réduit le taux de désabonnement des abonnés de 15%.

Outils de fiançailles numériques interactives

• Cuisine NYT: 250 000 abonnés autonomes payés
• Jeux du NYT: 1,2 million d'abonnés au jeu dédié
• Écosystème de newsletter: 22 millions d'abonnements à newsletter sur divers sujets

Support client et gestion de l'expérience utilisateur

La société maintient un Équipe de support client numérique 24/7 avec un temps de réponse moyen de 2,5 heures. La cote de satisfaction du client pour le support numérique est de 87% en 2023.

Programmes de fidélité et de rétention

Stratégie de rétention	Impact métrique
Remises annuelles des abonnés	Réduit le désabonnement de 18%
Système de points de fidélité	Augmente les taux de renouvellement de 14%
Événements d'abonnés exclusifs	Améliore la rétention à long terme de 11%

Le taux de rétention des abonnés en 2023 a atteint 68%, avec des abonnés numériques représentant 92% de la base d'abonnement totale.

The New York Times Company (NYT) - Modèle d'entreprise: canaux

Site Web numérique (nytimes.com)

Abonnés numériques au quatrième trimestre 2023: 9,74 millions

Métriques des canaux numériques	2023 données
Revenus numériques totaux	748,2 millions de dollars
Croissance de l'abonnement numérique	9.4%

Applications mobiles

Téléchargements totaux d'applications mobiles: 35,6 millions

• Évaluation iOS de l'App Store: 4.7 / 5
• Android Google Play Rating: 4.5 / 5

Plateformes de médias sociaux

Plate-forme	Nombre de suiveurs
Gazouillement	54,2 millions
Facebook	18,3 millions
Instagram	4,7 millions

Envoyez des newsletters

Abonds à la newsletter par e-mail: 17,5 millions

• Nombre de produits de newsletter distincts: 68
• Taux d'ouverture moyen: 38,2%

Imprimer la distribution des journaux

Métrique de distribution d'impression	2023 données
Circulation imprimée totale	868 000 par jour
Circulation d'impression du dimanche	1,13 million

The New York Times Company (NYT) - Modèle d'entreprise: segments de clientèle

Professionnels urbains éduqués et aisés

Au quatrième trimestre 2023, le New York Times a rapporté 9,4 millions d'abonnés numériques au total, avec une partie importante comprenant des professionnels urbains instruits.

Caractéristiques démographiques	Pourcentage
Revenu médian des ménages	$120,000+
Niveau d'éducation (baccalauréat ou supérieur)	68%
Tranche d’âge (25-54)	52%

Nouvelles et passionnés d'information

Le NYT cible les lecteurs à la recherche d'une couverture d'information complète et crédible.

• Consommation de nouvelles numériques: 5,7 millions d'utilisateurs actifs quotidiens
• Temps de lecture moyen par session: 27 minutes
• Taux d'engagement: 65% des lecteurs de retour

Lecteurs numériques d'abord

Les abonnements numériques représentent 94% du total des revenus d'abonnement en 2023.

Plate-forme numérique	Utilisateurs actifs mensuels
Application mobile	3,2 millions
Plate-forme Web	6,8 millions

Abonnés à la recherche d'analyse approfondie

Segments de contenu spécialisés attirant les abonnés:

• Cuisine NYT: 750 000 abonnés
• Jeux du NYT: 500 000 abonnés
• Opinion et analyse: 1,2 million de lecteurs dévoués

Consommateurs d'informations internationales et nationales

Distribution géographique des abonnés numériques en 2023:

Région	Pourcentage d'abonnés
États-Unis	85%
Marchés internationaux	15%

The New York Times Company (NYT) - Modèle d'entreprise: Structure des coûts

Salaires de journaliste et de rédaction

À partir du rapport annuel de 2023, la New York Times Company a déclaré une rémunération totale et des avantages sociaux de 1,2 milliard de dollars pour ses employés. Environ 2 600 journalistes et rédacteurs en chef étaient employés, avec des salaires moyens allant:

Éditeurs principaux

Écrivains du personnel

Journalistes juniors

Position	Salaire annuel moyen
$150,000 - $250,000
$75,000 - $120,000
$50,000 - $75,000

Infrastructure technologique numérique

Les coûts d'infrastructure numérique pour le NYT en 2023 ont totalisé 187 millions de dollars, y compris:

• Services de cloud computing
• Systèmes de cybersécurité
• Maintenance de plate-forme numérique
• Développement technologique

Production et distribution de contenu

Les dépenses de production de contenu en 2023 étaient 423 millions de dollars, en panne comme suit:

Catégorie	Dépenses annuelles
Contenu multimédia	156 millions de dollars
Création de contenu numérique	134 millions de dollars
Production imprimée	133 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour 2023 ont atteint 265 millions de dollars, avec des allocations spécifiques:

• Publicité numérique: 112 millions de dollars
• Programmes de rétention de la clientèle: 78 millions de dollars
• Marketing de marque: 75 millions de dollars

Frais opérationnels et administratifs

Les coûts opérationnels totaux en 2023 étaient 512 millions de dollars, y compris:

Catégorie de dépenses	Coût annuel
Installations de bureau	87 millions de dollars
Frais généraux administratifs	156 millions de dollars
Juridique et conformité	42 millions de dollars
Services professionnels	227 millions de dollars

The New York Times Company (NYT) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement numérique

Au quatrième trimestre 2023, le New York Times a rapporté 9,7 millions d'abonnés numériques au total. Le chiffre d'affaires de l'abonnement numérique a atteint 812 millions de dollars en 2023. Le prix d'abonnement numérique uniquement varie de 4 $ à 7 $ par semaine pour divers niveaux d'accès numérique.

Type d'abonnement	Prix ​​mensuel	Abonnés numériques
Numérique de base	$4.25	5,2 millions
Tout accès	$7.00	4,5 millions

Imprimer les journaux et la publicité numérique

Les revenus publicitaires numériques pour 2023 étaient de 273 millions de dollars. Les revenus publicitaires imprimés ont baissé à 98 millions de dollars la même année.

Segment publicitaire	Revenus de 2023
Publicité numérique	273 millions de dollars
Publicité imprimée	98 millions de dollars

Licence et syndication de contenu

Les revenus de licence pour 2023 ont totalisé 45 millions de dollars. Les accords de syndication comprennent des partenariats avec des publications internationales et des plateformes numériques.

Événements et conférences

Les événements du NYT ont généré environ 35 millions de dollars de revenus en 2023. Les événements clés comprennent:

• Sommet de l'office du New York Times
• Conférence sur le climat
• Ateliers de journalisme virtuel et en personne

Ventes de produits et de marchandises numériques

Les ventes de produits et de produits numériques ont atteint 22 millions de dollars en 2023. Les offres de produits comprennent:

• Abonnement numérique NYT Cooking: 5 $ par mois
• Abonnement numérique des jeux NYT: 5 $ par mois
• Marchandise de marque via le magasin NYT

Produit numérique	Abonnement mensuel	Revenus de 2023
Cuisine NYT	$5	12 millions de dollars
Jeux du NYT	$5	10 millions de dollars

The New York Times Company (NYT) - Canvas Business Model: Value Propositions

The core value proposition for The New York Times Company centers on delivering trusted, authoritative, and non-partisan news and analysis, a value proposition clearly supported by its paying audience base as of late 2025.

The commitment to quality journalism underpins the entire subscription strategy. You see this commitment reflected in the total subscriber count, which reached 12.33 million across print and digital products by the third quarter of 2025. This base is heavily weighted toward digital, with 11.76 million digital-only subscribers at that time. The willingness of the audience to pay for this content is evident in the digital-only Average Revenue Per User (ARPU) hitting $9.79 in Q3 2025, marking a 3.6% year-over-year increase.

The value proposition has broadened significantly into Diverse Utility through engaging lifestyle products. The strategy to move users beyond core news is working, as almost a third of digital subscribers exclusively pay for non-news products like Games, Cooking, or The Athletic. This diversification helps insulate revenue streams; for instance, digital-only subscription revenues grew 14.0% year-over-year to $367.4 million in Q3 2025.

This leads directly to the value of Multi-Product Bundles, which offer single-price access to news plus lifestyle content. By the end of Q3 2025, approximately 6.27 million subscribers were utilizing these bundles. This segment now represents 51% of the total subscriber base, up from 46% a year prior. The shift away from single-product news reliance is deliberate, evidenced by the number of news-only digital subscribers falling 30% year-on-year as the company pushed bundling.

For non-reading time, The New York Times Company offers Deep Engagement through audio and video content. While specific revenue figures for these verticals aren't always isolated, the overall digital growth is tied to these product enhancements. Management highlighted advances in video journalism and the conversion of award-winning podcasts into video shows as key strategic areas in Q3 2025.

The Ad-Free Digital Experience is a key component of the premium tier value. The success of the paid model, which allows for this cleaner interface, is shown by the 14.0% growth in digital-only subscription revenues, which substantially outpaced the 7.1% decline in print advertising revenues in Q3 2025. The focus on digital subscription revenue growth, projected between 13-16% for Q4 2025, confirms the premium access model as the primary value driver.

Here is a snapshot of key financial and operational metrics underpinning these value propositions for Q3 2025:

Metric	Amount/Value (Q3 2025)	Year-over-Year Change
Total Subscribers	12.33 million	N/A
Digital-Only Subscribers	11.76 million	N/A
Bundle/Multiproduct Subscribers	6.27 million	Represents 51% of total subscribers
Digital-Only ARPU	$9.79	Up 3.6%
Digital-Only Subscription Revenue	$367.4 million	Up 14.0%
Total Subscription Revenue	$494.6 million	Up 9.1%
Digital Advertising Revenue	$98.1 million	Up 20.3%
Total Revenue	$700.8 million	Up 9.5%
Operating Profit	$104.8 million	Up 36.6%
Free Cash Flow (9 Months)	$392.9 million	Up from $237.7 million in 2024

The value proposition is further reinforced by the financial health derived from this model:

• Digital-only subscription revenues grew 14.0% to $367.4 million.
• Digital advertising revenues increased 20.3% to $98.1 million.
• The company added approximately 460,000 net digital-only subscribers in the quarter.
• The company repurchased 482,833 shares for approximately $27.3 million during the quarter.

The shift in focus is clear, as print subscription revenues actually decreased 3.0% to $127.2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

The New York Times Company (NYT) - Canvas Business Model: Customer Relationships

You're looking at how The New York Times Company (NYT) keeps its paying audience engaged and growing, which is the whole game for them now. The relationship strategy is all about making the bundle so valuable that users happily move past promotional rates. It's a defintely sophisticated approach to reader retention.

Digital Paywall Model: Metered access to drive subscription conversion.

The core relationship driver is the metered paywall, designed to convert casual readers into committed subscribers. The goal is to get users to hit that wall and see the value in paying for unlimited access. This model is clearly working, as evidenced by the subscriber growth figures.

• Net digital-only subscriber adds in Q3 2025 were approximately 460,000.
• Total digital-only subscribers reached 11.76 million as of the end of Q3 2025.
• Total subscribers across all products stood at 12.33 million in Q3 2025.

Data-Driven Personalization: Using first-party data to recommend content and bundles.

The New York Times Company is using its first-party data-what you read, what you skip, what you engage with-to make the product stickier. This data isn't just for content recommendations; it's also monetized through advertising. Digital advertising revenue jumped a strong 20.3% year-over-year to $98.1 million in Q3 2025, partly supported by innovative AI-powered ad products like Brand Match that use this proprietary data for targeting.

High-Touch Customer Service: Dedicated support for print and digital subscribers.

While the focus is digital scale, the relationship still requires human intervention for complex issues. For instance, if you decide to cancel a subscription, the process requires you to chat with a designated "Care Advocate", indicating a structured, high-touch approach at the point of churn to potentially save the relationship or gather feedback.

Community Building: Interactive features like comments and live events (DealBook Summit).

Engagement is deepened by moving beyond static text. The strategy includes expanding video journalism, converting award-winning podcasts into video shows, and rolling out a new watch tab within the Times app. This push into more interactive and visual formats is key to embedding the product into the user's daily routine, which supports pricing power.

Price Tiering: Promotional offers transitioning to higher, tenured pricing (ARPU of $9.79 in Q3 2025).

This is where the strategy shows its financial success. The company is actively moving subscribers off promotional rates and implementing price increases for tenured customers, validating the perceived value of the ecosystem. Here's the quick math on the result of that pricing power:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Digital-Only ARPU	$9.79	3.6% increase
Digital-Only Subscription Revenue	$367.4 million	14.0% increase
Total Subscription Revenue	$494.6 million	9.1% increase

The bundle, which includes The Athletic, Games, Cooking, and Wirecutter, is the mechanism used to justify these price step-ups. At the end of Q2 2025, 6.02 million subscribers were on a bundle or multi-product offering.

The New York Times Company (NYT) - Canvas Business Model: Channels

You're looking at how The New York Times Company gets its content and products into the hands of its audience as of late 2025. It's a multi-front operation, heavily weighted toward digital, but still maintaining legacy infrastructure.

NYTimes.com Website: Primary digital distribution and subscription portal

The NYTimes.com website is the core digital hub, serving both as the primary news delivery system and the main subscription portal. As of the end of the third quarter of 2025, The New York Times Company had a total digital-only subscriber base of 12.33 million. This digital channel drove significant financial results, with digital-only subscription revenues reaching $367.4 million in Q3 2025, a year-over-year increase of 14.0%. The average revenue per user (ARPU) for these digital-only subscriptions stood at $9.79 for the quarter. The website also serves as a key platform for digital advertising, which saw revenue increase by 20.3% year-over-year in Q3 2025. To be fair, the overall digital push means the website is now the primary gateway for bundling products, with bundle and multiproduct subscribers accounting for 51% of the digital-only base, totaling approximately 6.27 million users as of September 30, 2025.

Here's a quick look at the subscriber mix driving that digital revenue:

Subscriber Type	Count (as of Sept 30, 2025)	Revenue Contribution Context
Total Digital-Only Subscribers	12.33 million	Core digital audience base.
Bundle/Multiproduct Subscribers	6.27 million	Represents 51% of digital-only base.
News-Only Subscribers	1.56 million	Single-product digital news readers.
Other Single-Product Subscribers	3.92 million	Subscribers to Games, Cooking, or The Athletic only.

Dedicated Mobile Apps: News, Games, Cooking, and The Athletic apps

The dedicated mobile apps are crucial for engagement, especially with the success of the non-news offerings. The New York Times Company portfolio includes distinct apps for News, Games, Cooking, and The Athletic. The growth in bundle subscribers, which reached 6.27 million, directly reflects the channel strength of the non-news apps like Games and Cooking, as these bundles offer the newspaper alongside those services. The company also reported that in 2024, its websites and mobile applications had a monthly average of approximately 93 million unique visitors in the United States. The Athletic, as part of the overall digital offering, contributes to the total subscriber count and digital revenue streams. The company is evolving the app experience, for instance, by introducing a TikTok-like vertical video feature in Q3 2025.

Print Distribution Network: Domestic and international home-delivery and single-copy sales

While the focus is digital, the print distribution network still exists, though it's shrinking. Print subscription revenues saw a decline of -3.0% year-over-year in Q3 2025. The goal here is to generate as much profit as possible from print to fund the digital transition. For context, using the latest available audited data from the end of 2024, The Times' average daily print circulation was approximately 253,000 for weekdays and 623,000 for Sunday. The company relies on a complex physical network, including owning one print site in College Point, Queens, with the other 22 print sites being under contract. Distribution is handled by over 600 third-party partners delivering to around 350 markets across the US.

Third-Party Platforms: Social media, search engines, and news aggregators

The New York Times Company uses social media and search engines to drive traffic and awareness, which ultimately feeds the subscription funnel. The company's digital advertising revenue growth of 20.3% in Q3 2025 suggests successful monetization across various digital surfaces, which includes distribution via third-party platforms. Furthermore, the ongoing copyright infringement lawsuit against OpenAI and Microsoft highlights a critical, albeit adversarial, channel relationship concerning content usage for AI training models. The Times acknowledged a $2.4 million pre-tax cost related to this lawsuit in Q3 2025.

Email Newsletters: Curated content delivery for retention and engagement

Email newsletters are a key retention tool, delivering curated content directly to the user's inbox. Digital advertising revenue is explicitly stated to include revenue from email ads, indicating this channel is monetized. While specific Q3 2025 email engagement statistics like open or click-through rates aren't provided, the inclusion of email in the digital advertising revenue category confirms its role as a direct distribution and monetization channel. The overall strategy aims to widen the number of people who use and engage deeply with The Times.

Finance: draft Q4 2025 channel efficiency report by January 15th.

The New York Times Company (NYT) - Canvas Business Model: Customer Segments

You're looking at the customer base for The New York Times Company as of late 2025, and it's clear the focus is squarely on digital scale and product diversification. The core of the business now rests on a massive, growing digital audience.

The total paying subscriber base reached 12.33 million as of the third quarter of 2025, with the digital-only segment driving nearly all of that growth. Honestly, the shift is almost complete.

Here's a look at the key groups making up that base:

• Core News Subscribers: Loyal readers valuing political and global coverage.
• Multi-Product/Bundle Subscribers: Users engaging with News plus Games and Cooking.
• Digital-Only Subscribers: The primary growth engine.
• Digital Advertisers: Brands targeting an educated, affluent readership.
• Print Subscribers: A legacy segment with declining volume but sticky revenue.

The success of the bundling strategy is evident in the mix. Multi-Product/Bundle Subscribers now represent 51% of the total subscriber base as of Q3 2025, up from 46% a year prior. This group is key because they typically have lower churn and higher lifetime value.

The Digital-Only Subscribers segment is the one you need to watch; it hit 11.76 million in Q3 2025, following a net addition of 460,000 new digital-only subscribers in that quarter alone. This growth is pushing the company closer to its goal of 15 million digital subscribers by 2027.

We can map the key metrics for these segments in the table below:

Customer Segment Metric	Value/Statistic (Q3 2025)
Total Subscribers	12.33 million
Digital-Only Subscribers	11.76 million
Net Digital-Only Adds (Q3 2025)	460,000
Multi-Product Subscribers (% of Total Base)	51%
Digital-Only ARPU (Average Revenue Per User)	$9.79
Digital-Only Subscription Revenue Growth (YoY)	14.0%
Print Subscription Revenue Change (YoY)	Decreased 3% to $127.2 million
Digital Advertising Revenue Growth (YoY)	Increased 20.3%

For Digital Advertisers, the appeal is the quality of the audience they reach. The strong growth in digital advertising revenue, up 20.3% year-over-year in Q3 2025, shows brands are willing to pay a premium to access this engaged base. The digital-only ARPU of $9.79 also shows pricing power is increasing for the core news product.

Finally, the Print Subscribers segment is clearly shrinking, evidenced by print subscription revenue falling 3% year-over-year to $127.2 million. Still, this segment remains a source of high Average Revenue Per User (ARPU) relative to the digital base, even as the company actively steers users toward the digital bundles.

Finance: draft 13-week cash view by Friday.

The New York Times Company (NYT) - Canvas Business Model: Cost Structure

You're looking at where The New York Times Company is spending its money to keep that global news engine running as of late 2025. It's a mix of old-school logistics and cutting-edge digital investment.

Total operating costs for The New York Times Company in the third quarter of 2025 reached $596.0 million. That's up 5.8 percent compared to the third quarter of 2024. If you strip out the special items, the adjusted operating costs were $569.4 million, an increase of 6.2 percent year-over-year.

Journalism Costs

The core expense, supporting that large, global newsroom, is baked into the Cost of Revenue. Cost of Revenue itself climbed to $349.1 million in Q3 2025, up 5.2 percent from the prior year period. This increase was driven mainly by higher journalism costs, alongside higher subscriber servicing and advertising servicing costs.

Technology and Product Development

Investment in the digital platform is clearly a priority. Product development costs specifically rose to $67.0 million in the third quarter of 2025, which is up 9.8 percent from Q3 2024. This spending reflects efforts to enhance the digital experience.

• Higher compensation and benefits drove some of this increase.
• Higher software licensing expenses were also a factor.
• The company invested heavily in video journalism, transforming podcasts into video shows.
• They introduced a new Watch tab in the flagship Times app.
• Games product development continued with the launch of Pips, a new logic puzzle.

Sales and Marketing

Getting those digital subscribers costs real money. Sales and marketing costs jumped 15.1 percent to $79.6 million in Q3 2025, compared to $69.1 million the year before. A major component of this is customer acquisition spending.

The media expenses, which primarily cover the cost to promote the subscription business, specifically hit $41.3 million in Q3 2025, an 18.0 percent increase from $35.0 million in Q3 2024, largely due to higher brand marketing expenses. That's where a good chunk of your CAC (customer acquisition cost) lives. Honestly, you see that marketing spend rise when they are pushing for those big subscriber adds, like the 460,000 net digital-only adds in the quarter.

Print Production and Distribution

While the focus is digital, there are still fixed costs associated with the physical product. Print subscription revenues decreased 3.0 percent to $127.2 million in Q3 2025, reflecting lower domestic home-delivery and single-copy revenues. The company also had a land sale in Q1 2025 related to its printing and distribution facility in College Point, N.Y., netting approximately $33 million in connection with the lease and subsequent sale.

Generative AI Litigation Costs

Legal expenses related to intellectual property defense are now a line item. The New York Times Company reported Generative AI Litigation Costs of $2.4 million pre-tax in the third quarter of 2025. This compares to $4.6 million for the same period in 2024.

Cost Category (Q3 2025)	Amount (Millions USD)	Year-over-Year Change
Total Operating Costs	$596.0	+5.8 percent
Adjusted Operating Costs	$569.4	+6.2 percent
Cost of Revenue	$349.1	+5.2 percent
Sales and Marketing Costs	$79.6	+15.1 percent
Product Development Costs	$67.0	+9.8 percent
Media Expenses (Component of S&M)	$41.3	+18.0 percent
Generative AI Litigation Costs (Special Item)	$2.4	Change from $4.6M in Q3 2024

The New York Times Company (NYT) - Canvas Business Model: Revenue Streams

You're looking at the engine room of The New York Times Company (NYT) right now, and the numbers from Q3 2025 show a clear direction. The total top-line revenue for the quarter hit $700.8 million, which is a solid 9.5% jump year-over-year. Honestly, this growth is almost entirely fueled by the digital side of the house, which is exactly what management planned for.

Here's the quick math on how that $700.8 million was built during the third quarter of 2025:

Revenue Stream	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Digital Subscription Revenue	$367.4 million	Increased 14.0%
Print Subscription Revenue	$127.2 million	Decreased 3.0%
Digital Advertising Revenue	$98.1 million	Increased 20.3%
Affiliate, Licensing, and Other Revenue	$73.9 million	Increased 7.9%
Total Advertising Revenue (Digital + Print)	$132.3 million	Increased 11.8%
Total Subscription Revenue (Digital + Print)	$494.6 million	Increased 9.1%

Digital Subscription Revenue remains the single largest component, coming in at $367.4 million for Q3 2025, which was a 14.0% increase from the prior year. This growth is driven by both more digital-only subscribers-they added about 460,000 net new ones this quarter-and an increase in the average revenue per user (ARPU) for digital-only subs, which settled at $9.79. That ARPU bump comes from subscribers moving off promotional rates and price increases for tenured readers. It's defintely the core of the story.

Print Subscription Revenue, on the other hand, is still shrinking, landing at $127.2 million, down 3.0%. This decline is due to fewer domestic home-delivery subscribers and lower single-copy sales, reflecting that ongoing shift in consumption habits.

Digital Advertising Revenue showed strong momentum, hitting $98.1 million, a significant 20.3% year-over-year rise. Management noted this outperformance was due to strong marketer demand and new advertising supply they've been able to offer.

The Affiliate, Licensing, and Other Revenue stream contributed $73.9 million, up 7.9%, largely because of higher licensing revenues. This bucket captures income from various sources, including:

• Licensing agreements, such as the one with Amazon AI mentioned in strategy discussions.
• Affiliate fees generated primarily through Wirecutter product recommendations.
• Revenues from other digital products like Games and Cooking.

Finance: draft 13-week cash view by Friday.