By: E&P Staff
Newspaper and other print advertising fell 17.2% in October, helping to push total revenue at The New York Times down 9.4% compared to October 2007, the company said late Thursday.
Total ad revenue was down 16.2% for the month, while circulation revenue firmed 3.9% on single-copy and home delivery price increases.
Retail advertising across the chain fell 15.9%, while national dipped 10.3% in the month.
In October, classified ad revenue plunged 34.7% on continuing weak performance in its three biggest categories.
Year-to-date, the Times Co. said, classified help-wanted is down 46.5%; real estate is down 33.8%; and automotive is down 35.5%.
At the flagship New York Times’ media group, ad revenues fell 15.3% in October, on weaknesses nearly across the board.
But the financial meltdown apparently is helping in one category. The Times Co. said it saw “very strong growth.” Advocacy advertising in the final month of the presidential campaign also jumped, the company said. It did not provide a monthly breakout of ad category results.
At the New England Media Group, including The Boston Globe, ad revenue fell 21.8%. Weakness in nearly all categories was offset by what the Times Co. said was “double-digit growth in banking advertising.”
In its Regional Media Group, including hard-hit Florida newspapers, ad revenue fell 20.1%.
Internet advertising revenue, which is included in News Media Group results, increased 5.3%, the Times Co. said, “as more moderate growth in display advertising was partially offset by continued weakness in online recruitment advertising.”
Year-to-date October 2008, Internet advertising revenue is 12.7% compared with the same period in 2007.
Circulation revenues for the News Media Group grew 3.9%. Revenues increased at The New York Times, New England and Regional Media Groups.