REVENUE

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

We generate revenues principally from subscriptions and advertising.

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.

Advertising revenue is primarily derived from advertisers (such as luxury goods, technology and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we have updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, currently for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.

Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), retail commerce and our live events business.

Subscription, advertising and affiliate, licensing and other revenues were as follows:

	For the Quarters Ended
(In thousands)	March 31, 2025		As % of total		March 31, 2024		As % of total
Subscription	$	464,257	73.0	%	$	429,005	72.2	%
Advertising	108,076		17.0	%	103,711		17.5	%
Affiliate, licensing and other(1)	63,577		10.0	%	61,299		10.3	%
Total	$	635,910	100.0	%	$	594,015	100.0	%

(1) Affiliate, licensing and other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.7 million for the first quarters of 2025 and 2024, respectively.

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 31, 2025, and March 31, 2024:

	For the Quarters Ended
(In thousands)	March 31, 2025		As % of total		March 31, 2024		As % of total
Digital-only subscription revenues(1)	$	335,026	72.2	%	$	292,978	68.3	%
Print subscription revenues(2)	129,231		27.8	%	136,027		31.7	%
Total subscription revenues	$	464,257	100.0	%	$	429,005	100.0	%

(1)Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.

(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.

The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the quarters ended March 31, 2025, and March 31, 2024:

	For the Quarters Ended
(In thousands)	March 31, 2025		As % of total		March 31, 2024		As % of total
Digital advertising revenues	$	70,866	65.6	%	$	63,026	60.8	%
Print advertising revenues	37,210		34.4	%	40,685		39.2	%
Total advertising	$	108,076	100.0	%	$	103,711	100.0	%

Performance Obligations

We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $129 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $72 million, $32 million and $25 million will be recognized in the remainder of 2025, 2026 and thereafter through 2030, respectively.

Unexpired Subscriptions

Payments for subscriptions are typically due upfront, and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Condensed Consolidated Balance Sheets. Total unexpired subscriptions as of December 31, 2024, were $187.1 million, of which approximately $118.0 million was recognized as revenues during the quarter ended March 31, 2025.