In the second quarter, severance costs rose because of job reductions, primarily in the advertising department. Last month in the journal Scientific Reports, eight investigators told of finding a luminous patch south of Java in 2019 that grew to be. The company had said it would cut jobs, but not newsroom positions, because of the pandemic. Now, scientists report that ocean bioluminescence can be so intense and massive in scale that satellites orbiting five hundred miles high can see glowing mats of microorganisms as they materialize in the seas. The company expects ad revenues in the current quarter to continue shrinking, dropping 35 to 40% from last year, while subscription revenues grow 10%. There are other business lines as well, such as licensing fees from Facebook and and an e-commerce business from its Wirecutter reviews site that is counted separately.Īd revenue cratered 44% to $67.8 million, while subscription revenue rose 8.4% to $293.2 million. Revenue fell 7.5% to $403.8 million, with digital subscriptions and ads pulling in more for the first time than print: $185.5 million for digital versus $175.4 million from print. Overall, The Times' net income fell 6% to $23.7 million, or 14 cents per share, in the April-June quarter. For example, film studio Lionsgate, Oprah Winfrey and New York Times journalist Nikole Hannah-Jones are partnering to adapt The Times' “1619 Project,” which dealt with the legacy of slavery and racism, for film and TV. It's expanding its business into audio, buying the company behind the popular Serial podcast in July, and in TV and film. Many news organizations - even digital-only ones without a print newspaper history - have cut pay, furloughed or laid off thousands of workers or even shut down as advertising craters. The Times has successfully built a digital subscription model, but a chasm has emerged between it and local news publishers whose struggles the pandemic has exacerbated. It has a goal of 10 million subscribers by 2025. It now has 5.7 million digital subscribers and 6.5 million total.
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