The New York Times has reached 1 million digital-only subscribers just four years after it switched to its metered pay model, the company announced Thursday.
"This is a major milestone for our digital consumer business, which we launched in 2011 and [which] has continued a strong and steady growth trajectory," said Mark Thompson, president and CEO of The New York Times Company, in a statement.
In addition to reaching those 1 million digital-only subscribers, the Times boasts 1.1 million customers with joint print-digital subscriptions.
Also on Thursday, the Times released its second-quarter earnings figures. At $382.9 million, total revenue for the second quarter of 2015 was down 1.5 percent from the same period last year.
Print advertising revenue, which dropped 12.8 percent, offset increases in all other revenue streams. Digital advertising grew by 14.2 percent, revenue from circulation rose 0.9 percent and other revenues increased by 4.5 percent. The print ad slump, however, seems to be decelerating: The Times earnings report predicts the third quarter will see print ad revenue fall by only "mid-single digits."
Despite the bad news on that front, the Times posted an operating profit of $38.1 million, compared with just $16.5 million during the same period last year -- an increase that Thompson attributed to cost-cutting.
"Cost declines outpaced the decrease in overall revenues, which was primarily driven by continued pressure on print advertising, and led to strong adjusted operating profit growth in the quarter," Thompson said in the earnings report. "Expense management will remain a top priority as we head into the second half of 2015, although our emphasis on digital investment and execution is also more intense than ever."