New York Times Co announced on Tuesday its revenue forecast for the third quarter. The news outlet expects its advertising revenue to remain flat compared to the current quarter, while Wall Street analysts are forecasting a 4.1% drop.
The company is looking to expand its target audience by bundling access to news reports and articles with other products such as podcasts, games, and product recommendations. Furthermore, it seeks to maintain reader interest by encouraging subscribers who were attracted to the news outlet through promotions to upgrade to bundle deals, thereby increasing their payments.
With a goal of reaching 15 million subscribers by 2027, the NYT added 180,000 new subscribers during the second quarter. 190,000 new subscribers were gained during the first quarter.
Demand for advertising spots is rising as companies become more willing to increase their ad spend upon making an economic rebound. The company’s ad revenue of $590.9 million for the second quarter outpaced its first-quarter result of $580.5 million.