The New York Times Company released their second quarter financials today, and Peter Kafka did some quick digging. He found that while print subscriptions were dropping, more than 200,000 new users have signed up for the digital subscription, closing the gap for lost revenue on the dead tree side of things. In other word, the NYT paywall seems to be paying off.
In addition to the 224,000 digital subscribers it got for web, phone and tablet access, the NYT signed up 57,000 users for its Kindle edition. An additional 100,000 subscribers joined through a free promotion from Ford, and no doubt a percentage of them will stay on when that deal expires.
Nonetheless, a 2.6 percent rise in digital ad dollars couldn’t make up for a 6.4 percent drop in print revenue. Numbers for About.com, the NYT’s version of a content farm, slipped due to the changes implemented by Google in operation Panda.