The New York Times announced its Q4 earnings on Thursday, and shareholders learned that advertising revenue is still down, but subscription revenue is up.
The company reported that advertising revenue continued to decline and is down 10.7% compared to the fourth quarter of 2018. However, the Times touted that news product subscription revenue continued to rise: Digital-only subscription revenue is up 13.7% from the fourth quarter of 2018. Ultimately, the Times reported that it added over one million digital-only subscribers throughout 2019, setting a record for its largest increase ever. Subscription revenue was up 4.5% in the fourth quarter as a result.