New York Times (NYT) 2011年年度报告「NYSE」.pdf

1、?The New York TimesCompanyTO OURSHAREHOLDERSIn 2011,The New York Times Company maintained its steadfast focus on high-quality journalism and content across all of our properties,and took a major step in building our future with the launch of digital subscription models at The New York Times and The

2、Boston Globe.These introductions created a robust new revenue stream that contributed to the Companys circulation revenue growth.As of year-end,the Times Company had 406,000 paying subscribers to all of the Companys digital products,underscoring the willingness of our readers and users to pay for th

3、e high-quality journalism our news properties provide.Since the launch of its digital subscription plan,The Times has also seen an increase in new home delivery orders and improved retention compared with the period before the launch of the plan.At the Globe the approach to the digital subscription

4、model was a bit different,introducing a completely new site BostonG to complement the very successful B,and it will take time to build that audience and to grow its digital subscriber base.The Companys 2011 total revenues declined 3 percent,due largely to the decline of total Company advertising rev

5、enues as we continued to confront a challenging business environment characterized by an evolving media landscape and uneven economic conditions.We recognize that these uncertainties,as well as changing consumer behavior,will continue to affect our businesses and we will continue to adapt.Despite th

6、ese challenges,our management team remains committed to maximizing shareholder value and running the Company in a highly disciplined manner.We have focused heavily on our cost control efforts over the past several years and in 2011 we further reduced operating costs 2 percent.The Companys management