The New York Times reported an 18.7% year-over-year growth in digital advertising, reaching $94.4 million. This growth outpaces other major news companies, which have lower increases or declines in their advertising revenue. CEO Meredith Kopit Levien credited the success to the popularity of sports coverage, which helps retain user engagement despite challenges from generative AI products. The New York Times emphasizes its subscription model, with digital subscription revenue more than three times its ad revenue. Meanwhile, Shopify's shares surged by 20% after its positive earnings report, establishing it as Canada's largest business.
The New York Times digital advertising grew 18.7% YOY to $94.4 million, significantly outperforming other major news companies.
CEO Meredith Kopit Levien emphasized that the booming ad business is due to the broad marketer appeal of sports coverage, maintaining user engagement.
Despite strong ad revenue growth, the New York Times remains subscription-focused, with digital subscription revenue more than triple its ad revenue.
Shopify's Q2 earnings report led to a 20% increase in share value, now positioning it as Canada's largest business by market cap.
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