New York Times Aims to Double Digital Revenue by 2020
What is more common to see these days, someone reading a newspaper or someone on their phone? I think we would all have a unanimous answer to that one. It's 2015 and technology is everywhere. People want things that are easily accessible through their media device, whether it be a smartphone, tablet or laptop. Wherever they are, people want access to everything.
This poses a problem to media outlets that used to be only paper i.e. the newspaper. The majority do not just want one newspaper every morning. They want access anytime and any place.
The New York Times has realized this and is trying to boost their digital consumers and revenue. The goal is to double the revenue by 2020. That's right double in just 5 years. Achieving this goal would give them $800 million in digital revenue by the year 2020.
Their plan is to provide consumers with a product worth paying for. They want new readers to sample their work on other platforms, such as the NYT Now app which just became free, and be drawn to subscribe because of discovering that they are the best destination for news. Their target market is young readers who are exploring online. Their goal is to "court" these young readers which will hopefully lead to a subscription while still earning revenue from the advertising.
If they can double their digital revenue, they would have to more than double their online readers which currently is one million subscribers. Twelve percent of these readers make up 90% of the total digital revenue.
Is this goal really possible? The New York Times seems to be very confident in their product and certain that they are the best out there. If their marketing program works, and the target market of young readers really do agree that they offer the best product then they should be able to succeed.
This seems like a tough goal to accomplish for New York Times as their target market is to young readers.
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