The Numbers Don't Lie: The NYT Is Dying, And Digital Subscriptions Won't Save It
The New York Times wants you to think that business is booming. It's not, and it won't be able to hide it forever...
Print journalism is dying. It's dying because for too long it has protected the people and institutions it was supposed to hold accountable. It's dying because despite staffing fancy foreign bureaus, it continues to misrepresent and lie about overseas conflicts. It's dying because no one trusts them anymore.
We understand that the New York Times claims it is some sort of special snowflake exception, and that in the "post-truth" world of Donald Trump people are throwing money at them, desperate for the truth. What a load of baloney.
The business has been cut in half since 2008. They’ve gone from raking in $300m per quarter in earnings to $40m. This isn’t a god damned online journal. The core business is print and there’s no way digital can make up for the lost ground in print, without having a profound effect on the way the company is staffed.
And here are some graphs of what failure looks like. Happy viewing:
Earnings are down 50-75% since 2008.
The stock has been cut in half over the past 8 years.
That’s what a slow death looks like, not a revival spearheaded by amazing digital revenue growth.
Yeah, sure: The New York Times is experiencing a surge in new digital subscriptions. "The business is saved!" They can claim whatever they want — that's well within their constitutional right to live in total self-denial.
But the numbers don't lie.