The New York Times Company predicts digital ad sales will drop 10% in the current quarter, due to the impact of the coronavirus on the economy.
The company also expects total advertising revenues to decline “in the mid-teens” in the current quarter.
The Times has experienced a decline in digital ad revenue for three straight quarters; the newspaper had earlier predicted a decrease in the mid-single digits.
“We are seeing a slowdown in international and domestic advertising bookings, which we associate with uncertainty and anxiety about the virus,” stated Mark Thompson, president-CEO of The New York Times Company, in a regulatory filing[1] issued Monday.
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The New York Times Company will release first-quarter 2020 results in May.
According to the filing, the company continues to expect an increase in subscription revenue.
The publisher reported digital ad revenue of $92.2 million in its fourth quarter, accounting for more than half of the total advertising revenue.
Analysts predict the entire ad industry will be affected by the COVID-19 virus, which is estimated to have spread to nearly 90,000 people worldwide, according to multiple reports.
References
- ^ regulatory filing (www.sec.gov)