New York Times Podcasting Revenues Rose 24% For 2020

Podcast Revenues Up

THE NEW YORK TIMES COMPANY reported its fourth quarter 2020 results, and one of the bright spots came from its podcasting operations, which Pres. MEREDITH KOPIT LEVIEN said on the company's conference call rose $7 million in 2020 (24%) to end up with $36 million for the year and "powered by our expanding portfolio of audio programs," namely the acquisition of SERIAL PRODUCTIONS and the addition of ad sales rights for "THIS AMERICAN LIFE."

Total fourth quarter revenues increased 0.2% year-to-year to $509.4 million, with a 14.7% increase in subscription revenues to $315.8 million, fueled by digital-only product subscriptions, offsetting an 18.7% decline in advertising revenues to $139.3 million and a 12.1% drop in "other" revenues to $54.3 million. Digital advertising revenue fell 2.3% and print ad revenue fell 37.9%. Operating profit grew from $78 million to $80.5 million and adjusted operating profit increased from $96.3 million to $97.7 million. Net income fell 84.3% to $10.743 million (6 cents/share).

For the full year 2020, TIMES revenues fell 1.6% to $1.8 billion, with net income off 29.8% to $115.4 million (60 cents/share).

In addition, the company’s Board of Directors declared a 7 cents/share dividend on its Class A and Class B common stock, payable on APRIL 22nd to shareholders of record as of APRIL 7th.

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