New York Times CEO Mark Thompson said that the paper’s world famous print edition has about a decade of life left.
Appearing on CNBC’s Power Lunch on Monday, Thompson said “we have a great print platform,” noting that “there may come a point when the economics of that no longer make sense for us.”
He emphasized the company will focus on building up the digital business:
“Our plan is to go on serving our loyal print subscribers as long as we can. But meanwhile to build up the digital business, so that we have a successful growing company and a successful news operation long after print is gone.”
Thompson also noted that the Times makes more money on print subscribers than digital, but that there’s a broader potential to grow the digital subscription base.
“The point about digital is that we believe we can grow many, many more of them. We’ve already got more digital than print subscribers. Digital is growing very rapidly. Ultimately, there will be many times the number of digital subscribers compared to print.”
When pressed on when he believes the Times print product will expire, Thompson gave a projection: “I believe at least 10 years is what we can see in the U.S. for our print products.”
“The key thing for us is that we’re pivoting,” Thompson added.
Watch above, via CNBC.
[image via screengrab]
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