The New York Times released financial information for the fourth quarter of 2023 this week, and details about The Athletic were included.
Per the Times, The Athletic once again lost money in the quarter. The site’s losses in the fourth quarter totaled $4.4 million. However, that’s a step in a positive direction from the fourth quarter of 2022, when the site lost $9.6 million.
Revenue for The Athletic increased to $38.5 million, a jump of over 31 percent.
In the second quarter of 2023, The Athletic lost $7.8 million.
The Times did not break out specific subscription numbers for the Athletic. The Times Company ended the year with a total of 9.7 million subscriptions.
2023 wasn’t as rough a year for The Athletic as it was for other media companies, though there were still struggles. A round of layoffs hit the site in June (which led to a vicious takedown by laid-off writer Bob Kravitz), while the Times itself disbanded its sports desk and integrated more coverage from The Athletic. Additionally, The Athletic axed many local podcasts in 2023, an indication they weren’t profitable.
The profitability (or lack thereof) of The Athletic has been a talking point since the company was founded and reaching profitability has been a primary goal since the Times acquired the company in 2022. It appears to be slowly making its way to that point, and the Times would love to see it in 2024.
About Joe Lucia
I hate your favorite team. I also sort of hate most of my favorite teams.