For the first time this week, the New York Times brought in more cash from their digital properties than from their print publication. That’s all-in, meaning that digital subscriptions and advertising surpassed the revenue generated from what was once one of the most romantic pieces of advertising media in the world: A print ad in the NY Times.
Rather than lamenting the changing times, the team at the Times has been proactive for several years now, creating a digital offering that isn't trying to be an online version of the offline product. Instead, the NY Times digital footprint includes all of the things that print can't possibly do: Immersive feature stories, personalized experiences, and high-quality content offered for free as a lead generator for paid subscriptions, ie. The Daily podcast.
I share the story of a newspaper that has successfully pivoted because media is one of the industries that's been most disrupted by digital, and yet one property found a way to thrive where many others could barely survive.
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Written by Conner Galway, Junction Consulting