The New York Times expects ad revenue to continue to decline in 2024
During a time of layoffs and buyouts at large news organizations, The New York Times is one of the few that has continued to grow its business. However, its 2023 fourth quarter earnings report published on Wednesday showed the company isn’t entirely immune from the volatile ad market. In fact, the company doesn’t expect to improve in the first quarter of this year.
“We continue to experience limited visibility in the advertising market,” CFO William Bardeen said in a call with shareholders on Wednesday morning.
The Times missed its Q4 outlook on advertising sales, with ad revenue decreasing by 8.4% year over year to $164.1 million. In its Q3 earnings report, the company’s guidance expected ad revenue in Q4 to change between a decrease in the mid-single-digits to an increase of low-single-digits. The Times doesn’t seem to expect this to get better in Q1 2024, with an outlook of an expected decrease in the mid-single-digits for total advertising revenues year over year.
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Source:: Digiday
