News and information is vital to community awareness. Establishing and maintaining credibility in the delivery of news and information is an ongoing task. Capturing new customer use of the New York Times is the focus of the following paper. An overview of strategic multi-platform, multi-channel approach to grow both their national/global Knowledge Audience business and our Local Market business will be presented.
Efforts to expand national advertising include the launching of a series of major editorial innovations at The Times to build upon the success of our strong content. Re-launches include: our Sunday Business section, Real Estate, the Book Review, Culture/Arts and the special Sunday magazines, which will now be branded together as "T: The New York Times Style Magazine."
A newly designed and enlarged Real Estate section offers expanded residential coverage, practical columns for buyers and sellers, and bold color photo spreads. Another key factor in the successful expansion of real estate advertising revenues has been the NYTimes.com web site. The advertising mix revenues breakdown as follows: Retail 14%, Classified 23%, and National 63%. These three categories account for almost 30% of total advertising revenues. The anticipated success of The Times Magazine as well as the launch of the new travelers' magazine "Escapes" will generate additional revenue. It is expected that "T" will be a "must-read for style-conscious consumers" (Robinson, 2005).
A number of major branding campaigns have also been secured, such as PriceWaterhouseCoopers, British Petroleum, Exxon-Mobil, and Tyco with the expectation of continued growth in this area in upcoming months. Additionally the development of the Times's convention and campaign initiative has secured buys or commitments from HBO, Nextel, T. Rowe Price, Paramount, and others.
Turning to Circulation; reported copy gains in March for The Times newspaper for both Daily and Sunday. More than 5 million people in the continental U.S. read an average issue of the weekday Times and on Sundays that number increases to nearly 7 million. The Times is now available for home delivery in 278 markets and more than 9,900 ZIP codes, with 49% of our daily circulation being national, and the 53% of Sunday readers that are living outside of the New York area. The Regional Newspaper division continues to develop new revenue streams. For our Local Market business overall, the continued pursuit our existing business lines and track additional growth frontiers, including new products for existing customers; new service businesses; and new value chain opportunities.
New distribution channels, including NYTimes.com and the Discovery Times Channel play a vital role in meeting the demand of geographical expansion. The Times newspaper's national expansion initiative is driving circulation and advertising, allowing the further enhancement of quality content making The Times even more attractive to readers and advertisers. Attention to the delivery of quality news, information, and entertainment to established readership while expanding in national and global arenas is vital to the continued growth of advertising sales and circulation. Innovation and attention to the needs of advertisers, e.g., color ads, and retention of loyal readership while targeting new market segments takes planning and does not always reflect increased consumer demand. Quality and credibility remain foremost in all areas of expansion, allowing consumers the reliable product they rely on from The New York Times.
Robinson, J. L. (2004). Mid-Year Media Review. Retrieved March 26, 2005, from http://www.nytco.com/investors-presentations-20040623b.html
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