The New York Times is aiming for 15 million total subscribers by the end of 2027, up from 13.3 million at the close of the previous quarter, while simultaneously restructuring its content strategy around video — a move that reflects the publisher's broader pivot to a digitally native model.
Speaking at Citi's 2026 Global TMT Conference, CFO Will Bardeen, who joined the company in 2010 as head of strategy, described the organization as having "transformed into a digitally native company that's innovating rapidly." He added, "We absolutely believe we're on the path to being the preferred brand for watching, not just reading and listening."
The video strategy follows a three-phase plan spanning production, engagement, and monetization. Short-form news clips and investigations are distributed across TikTok and Instagram Reels, while long-form shows on politics and sports appear on YouTube and Amazon. The NYT app now includes a watch tab for short-form content and a shows tab for longer programs.
The company's advertising business has been a consistent bright spot. Digital ad revenue has beaten guidance in five of the last six quarters. Two new ad products were highlighted: Flex Frame, a proprietary rich-canvas unit across web and apps, and Brand Match, an AI-powered targeting tool that draws on first-party subscriber data.
Expense growth is expected to accelerate further, with guidance raised to 8%–9%, up from 6%–7% in the fourth quarter of 2025 and 5%–6% in the third quarter. Bardeen did not attribute the increase to video investment specifically.
The publisher reported more than 150 million registered users and nearly 11% revenue growth over the past year. The company employs roughly 3,000 people — up from about 1,000 a decade ago — with journalists reporting from 150 countries last year. Its market capitalization stands at $10.76 billion, with a P/E ratio of 27.96 and return on equity of 20% over the trailing twelve months. Subscription bundles typically begin with six- to twelve-month promotional pricing before stepping up, and the Family Plan, the company's most premium tier, allows four separate logins with individualized features.
Bardeen outlined three pillars underpinning the strategy: original independent journalism, daily-habit products spanning news, sports, cooking, puzzles, and shopping, and scaled digital technology platforms.
