The New York Times just had the single best quarter for subscriber growth in its history. But it didn’t come without a few losses.
While print advertising revenue continued to fall, declining 17.9%, The NYT focused heavily on boosting its digital offerings. They also provided free Spotify access to readers who signed up for one-year digital subscriptions.
So, what’s the lesson? Print publishers are all struggling to find readers willing to pay for their services in a digital world. But, as the New York Times realized, sometimes you simply need to focus on what works.
Don’t beat a dead marketing channel. If your television marketing is fizzling, and you already know digital advertising is the way to go — because, well, it is — roll with the tide. Innovate in modern marketing channels instead of attempting to resuscitate old ones.