(Bloomberg) — The New York Times Co. added a record number of subscribers for its games product in the first quarter thanks to its recent acquisition of Wordle.
The Times bought the popular daily word game in January. While Wordle remains free, it “brought an unprecedented tens of millions of new users to the Times,” Chief Executive Officer Meredith Kopit Levien said Wednesday. Many of the new users stayed and signed up for games subscriptions, which include crossword puzzles.
The growth in games helped drive the addition of 387,000 digital subscribers in the quarter. That number also included customers for The Athletic, a sports media website that the Times bought in February. The media company said Wednesday that it will begin selling subscriptions to The Athletic as part of a bundle with its other standalone products in the second half of this year. The Times views bundling — or selling multiple products at a discounted price — as a key part of its strategy for adding more subscribers.
“That’s the opportunity we’re most excited about,” Levien said on an earnings call with analysts.
The Times has used games and other non-news subscriptions such as recipes and shopping advice to diversify its business. That allows the company to rely less on the constant fluctuations of the news cycle. Readership has been strong lately due to heightened interest about the war in Ukraine, which also helped bolster subscriptions, the Times said.
Total revenue grew 14% in the quarter to $537 million, falling short of analysts’ estimates of $543 million. Adjusted earnings per share of 19 cents topped Wall Street’s expectations of 18 cents.
The Times now has 9.1 million subscribers. The company is targeting 15 million subscribers by 2027.
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