Conflicting Insights: The Times' Advertising Growth, AI Licensing Strategy, and Traffic Challenges in 2025 Earnings Call

Subscription and Audience Growth:
- The New York Times Company added 230,000 net new digital subscribers in Q2, increasing the total subscriber base to approximately 11.9 million.
- The company exceeded its target of having at least 50% of subscribers on multiple products, driven by a successful bundle strategy and the introduction of a new family plan subscription.

Advertising Revenue Growth:
- Digital advertising revenues increased by approximately 19% to $94 million, while total advertising revenues grew more than 12% to $134 million.
- Growth was attributed to increased ad supply, a large and engaged audience, and high-performing ad products, including new ad tools added recently.

Affiliate and Licensing Revenue Growth:
- Affiliate, licensing, and other revenues increased approximately 6% to $70 million, with notable performance from Wirecutter and a new multiyear deal with Amazon.
- The Amazon deal involves licensing Times content for wider audiences, reflecting the company's openness to commercial partnerships with fair value exchange and control over IP use.

Operating and Financial Performance:
- Revenue grew nearly 10% year-over-year, with adjusted operating costs increasing by 6.1%.
- The company generated approximately $193 million in free cash flow in the first half of the year, with plans to return at least 50% of free cash flow to shareholders in the midterm.