New York Times CEO: "Print Newspapers Will Disappear Within 20 Years"

Mark Thompson CEO Reveals This on CNBC Broadcast

The New York Times

[Asia Economy Reporter Kwon Jae-hee] Mark Thompson, CEO of The New York Times, predicted that paper newspapers will disappear in 20 years.

On the 10th (local time), Thompson appeared on CNBC's program 'A View from the Top' and made this statement.

Thompson said, "I believe The New York Times will continue to be published in paper form for the next 15 years," adding, "But if it is still printed 20 years from now, I would be very surprised."

He continued, "The New York Times has 900,000 print subscribers," and added, "At the current subscriber level, it is possible to print seven days a week without advertising."

However, Thompson forecasted that as readers become more accustomed to reading The New York Times on smartphones, tablet PCs, and computers every year, the day when printed newspapers disappear will surely come.

In particular, The New York Times' digital division exceeded print division revenue last quarter, marking a significant milestone. The New York Times' digital revenue in the second quarter was $185.5 million (approximately 220.4 billion KRW), surpassing the print newspaper revenue of $175.4 million.

Regarding this, Thompson said, "Digital revenue surpassing print revenue is a key milestone in The New York Times' history," and evaluated, "We have proven that a virtuous cycle is possible."

Thompson also commented on advertising revenue, saying, "Due to the continuous decline in print advertising and the impact of the COVID-19 pandemic, it has decreased by more than 50%," adding, "It is doubtful whether advertising revenue will recover to the 2019 level before the COVID-19 pandemic."

He also said, "Print advertising had been declining every year for many years, and this downward trend is irreversible."

During Thompson's tenure as CEO, leading The New York Times for the past eight years, the company's stock price has risen more than 400%. Especially in the last five years, the surge in digital subscribers has made the stock price increase even more remarkable.

As of the second quarter, The New York Times' subscriber count was 6.5 million. Among them, 5.7 million are digital-only subscribers. In October 2015, The New York Times had 1 million digital-only subscribers, but this number has increased more than fivefold in about five years. Thompson has set a goal to reach 10 million digital-only customers by 2025.

Thompson said, "We have led not only the transition from paper newspapers to digital but also the shift in revenue models from advertising to subscription fees," adding, "We have improved significantly in all areas."