New York Times Sets New Goal of 15 Million Subscribers by 2027

(Bloomberg) -- New York Times Co. set a new goal of attracting 15 million subscribers by the end of 2027, aiming to double its current customer base as it signs up more paying readers and snaps up other digital media properties.

In 2019, the Times set a goal of 10 million subscriptions by 2025. Unlike that target, the new goal is based on unique subscribers instead of total subscriptions. Some people subscribe to more than one Times subscription product, such as games and cooking, and the company is focused on getting more people to pay for a bundle with multiple products. The Times said Wednesday it had 7.6 million total subscribers at the end of the fourth quarter.

The new target came as the Times reported that fourth-quarter revenue rose 17%, to $594.2 million, on an increase in subscription and advertising sales. It also reported adjusted profit of 43 cents a share. Both revenue and profit topped analysts' estimates, and the company's shares rose 1.1% at 9:34 a.m. in New York.

The Times' new goal is a sign of confidence in its subscription-focused model. While that growth has slowed since the breakneck pace during the Trump administration, Times executives say they've become savvier in how they attract paying readers and are hanging onto those customers even after increasing their rates from introductory prices. The publisher added 375,000 subscriptions in the fourth quarter, with slightly more than half coming from non-news products, including cooking and games.

The Times has also been seeking more users through acquisitions. Earlier this week the Times closed on its acquisition of the Athletic, a sports-news website, and said it's adding Wordle, a free popular daily word game, to its portfolio of games and puzzles. With the sports outlet's roughly 1.2 million subscribers, the Times said it reached its previous 10 million subscription goal.