New York Times expects ad revenue to plummet at least 50% in Q2, but digital subscriptions rose
It has resulted in widespread layoffs and cost cuts in the media world even as media consumption is skyrocketing.
But that came as advertising started falling off at the end of the quarter. Its ad revenue in the first quarter fell 15.2% to $106.1 million year-over-year. The company's first-quarter digital ad revenue decreased 7.9%, while print advertising decreased 20.9% as the pandemic further impacted advertisers in the areas of luxury, media, entertainment and financial categories.
The company said it expects subscription revenues in the second quarter to increase in the mid-to-high single digits compared with the second-quarter of 2019.
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