The New York Times on Monday said it's planning to reach 15 million subscribers by the end of 2027, a goal that CEO Meredith Kopit Levien told Axios will help the company become even more profitable in the next three to five years.While 15 million is a small fraction of the 135 million people globally that the Times believes are willing to pay for a news subscription today, it's a massive number compared to its peers' subscriber rosters.
"Multiproduct subscribers pay the most and retain best," chief product officer Alex Hardiman noted during the presentation. Bundle subscribers churn at rates approximately 40% lower than news-only subscribers, she explained.
Investors have grown especially wary of consumer subscription businesses in the streaming space that quickly scaled users at the expense of growing profits.The Times continues to invest heavily in the subscription model because it has "very attractive unit economics," Kopit Levien told Axios. As a result, the company expects its marketing to decline in the midterm future, which will improve profits. The Times said it plans to improve its adjusted operating profit margin growth rate by 9–12% in the next three to five years.
How many of these new subscriptions will be from China?
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