Fans of print edition of the nation’s leading newspaper will pay more their New York Times subscription next year.
The New York Times Company (NYT) has informed subscribers that the cost of home delivery for the iconic newspaper will rise between 30 and 60 cents per week, starting on Jan. 6. The bump represents a 5.6% increase to the New York Times subscription rates for those receiving Saturday-Sunday New York Times home delivery. Boosting New York Times subscription rates is seen as a way for the NYT to offset sliding advertising revenue, Adweek notes.
While advertising dollars from both its print and digital editions fall, the NYT has managed to see more revenue from New York Times subscriptions. The newspapers now gets more revenue from circulation than from ad sales. The NYT may have additional room to raise New York Times subscription rates without alienating New York Times home delivery subscribers, who have so far been willing to pay a premium to read the newspaper.
The NYT has also seen significant success with its paywall. During the third quarter, it reported a 28% rise in New York Times subscriptions for its digital-only edition.
In September, the NYT announced that it would resume dividend payments for the first time since 2008, sending NYT stock higher.
Over the summer, the NYT sold the Boston Globe for just $70 million, a pittance compared to the $1.1 billion it paid to buy the paper in 1993.
NYT stock climbed more than 1% in Monday morning trading.