Sydney, Feb 8(ANI): American daily newspaper The New York Times has claimed capital from readers and subscribers left behind advertising revenues for the first time ever in 2012, as the media group reported a boost in profits.
The company said its fourth quarter profit more than tripled to 176.9 million dollars, though most of that came from a 164 million dollar gain on the sale of its stake in the online jobs website Indeed.com, the Age reports.
For the full year, the group posted a profit of 133 million pounds, compared with a loss of 39.7 million pounds in 2011.
Mark Thompson, the former BBC chief who became president and chief executive at the Times last November, said in a statement progress was being made, noting that the number of digital subscribers grew 13 per cent in the quarter to 668,000.
Thompson added 2012 showed both the opportunities and challenges they face as a company, adding they saw continued strong growth in digital subscriptions as well as increased revenue from their large print circulation base.
Thompson further said for the first time in their history, annual circulation revenues surpassed those from advertising and their pay model continued to prove itself.
The company said paid subscribers to The New York Times and the International Herald Tribune rose 13 per cent to 640,000 as of the end of the fourth quarter, the paper reported.
For 2012, the company's circulation revenues rose to 954 million dollars, outstripping the 898 million dollars from advertising.
Thompson said the figures showed the demonstrated willingness of users here and around the world to pay for the high quality journalism for which The New York Times and the company's other titles are renowned.
But he added that in contrast the advertising environment remained challenging in the fourth quarter.
The Times began charging in March 2011 for full access to NYTimes.com and it launched a subscription-only website for the Boston Globe later that year, the paper added. (ANI)