NYT advertising revenue continues to plummet
There’s some pretty grim revenue news coming from the Worcester Telegrams parent, The New York Times Company, today.
New England Media Group - Advertising revenues for the New England Media Group decreased 31.4%, and excluding the additional week, decreased 17.7%. National advertising revenues decreased due to weakness in telecommunications, pharmaceutical/packaged goods, technology and travel advertising. Retail advertising revenues decreased primarily due to weakness in the jewelry/watches, department store, records/books and computer/office supplies categories. Classified advertising revenues decreased because of softness in real estate and help-wanted advertising.
Outside the New England region the numbers look equally terrible with advertising revenues down 13.8% in December from 12 months earlier and just over 6% for the year. Interesting business model ya got there.
A fun and somewhat related anecdote: While at the START Holiday Arts fair this past December I had a T&G employee tell me “it is a proven fact that nobody actually reads news online”. So If you’re reading this and it was news to you, please go back and forget the experience immediately.
Equally fun and anecdotal, advertising revenue here on RB for the same period is up 345.74%
