The New York Times made news the loss leader for a $2 billion digital revenue machine, and this chart is the receipt.
News-only subscribers dropped 65% since June 2022. Bundle subscribers grew 227%. That looks like a news collapse. But the NYT deliberately killed its standalone news product. They stopped marketing it. They made it nearly impossible to buy a news-only subscription on their website. They priced the full bundle (News + Games + Cooking + Athletic + Wirecutter) at $2/month introductory, cheaper than a standalone Games subscription.
News-only ARPU is $13.33. Bundle ARPU is $12.92. Single non-news product ARPU is $3.36. Those 4.3 million single-product subscribers paying $3.36/month? They’re not the business. They’re the funnel. The NYT CEO said it explicitly on the earnings call: single products are “funnels to get people to subscribe” to the bundle.
Games now accounts for over 50% of time spent inside the NYT app. Wordle, Connections, and the Mini pull 10+ million weekly players who never intended to read a news article. But half of all NYT subscribers now pay for the bundle, and bundle subscribers retain longer, engage more, and accept price increases. The bundle just went from $25 to $30/month.
The result: digital revenue crossed $2 billion for the first time in 2025. Free cash flow hit $550 million. Adjusted operating margins reached 24% in Q4. Berkshire Hathaway just took a billion-dollar position. While the Washington Post cut 300 journalists last week, the Times added 1.4 million subscribers.
This chart shows a news company that built an attention ecosystem where Wordle gets you in the door, Cooking keeps you at breakfast, The Athletic owns your commute, and by the time you think about canceling, you’d lose four products instead of one.
The NYT figured out that the way to fund journalism in 2026 is to make sure you can’t quit the crossword.
The Son of God, through whom all things were created, was not welcomed, and a poor manger for animals was his crib. The eternal Word of the Father whom the heavens cannot contain chose to come into the world in this way. Out of love, he accepted poverty and rejection, identifying himself with those who are discarded and excluded. #Christmas
In becoming man, Jesus took upon himself our fragility, identifying with each one of us: with those who have nothing left and have lost everything, with those who are prey to hunger and poverty, with those who are fleeing their homeland to seek a future elsewhere, with those who have lost their jobs and those who are looking for work, with those who are exploited, with those in prison, who often live in inhumane conditions. #Christmas
For ANYONE in media that has been laid off (today, tomorrow or in the future): If you are in the DC area -- EVER -- I will take you to coffee.
You are not alone. This happens to great people. And a LOT of people.
Just email me at [email protected].
I am here.
Arlington County seeks historical artifacts for display inside the new Fire Station #8, with roots as an all-Black volunteer company during segregation. Help honor the legacy on Langston. Deadline: Oct. 15. https://t.co/y71S5kMxRE
Saying “SBF” instead of “Bankman-Fried” in second references to Sam Bankman-Fried is simply too much alphabet soup in a broadcast story that also mentions the name of his company, FTX. Plus it saves absolutely no time, as it’s the same number of syllables. Give it up, people.
Huge congratulations to @ushamcfarling for winning an Edward R. Murrow Award in the large digital organization category for Excellence in Diversity, Equity and Inclusion. This is the third consecutive #Murrow for @statnews
Her winning entry:
https://t.co/pDy5jUKEIJ
@RTDNA