1. Μελέτη Περίπτωσης: New York Times
Καθηγητής Νίκος Λέανδρος
Τμήμα Επικοινωνίας, Μέσων & Πολιτισμού
Πάντειο Πανεπιστήμιο

2. Το γενικότερο πλαίσιο των εξελίξεων που επηρεάζουν τον κλάδο και την επιχείρηση

9. Η Εξέλιξη και Βασικά Χαρακτηριστικά του Ομίλου

14. ΚΥΡΙΟΤΕΡΟΙ ΣΤΑΘΜΟΙ NYT & NYTCorp.
Στις 18/9/1851 κυκλοφορεί το 1ο φύλλο των Ν.Υ.Τ. από τους Henry Jarvis Raymond and George Jones
18/8/1896: Adolph S. Ochs, publisher of The Chattanooga Times, acquires controlling ownership of The Times for $75,000, nearly all of it borrowed. He installs himself as publisher. Circulation: 9,000

15. 25/10/1896: "All the News That's Fit to Print," coined by Ochs himself after a contest finds no stronger candidate for a slogan, first appears on the editorial page. It moves to Page 1 on February 10, 1897.
10/10/1898: In a gamble, Ochs lowers the price of the daily paper to 1 cent. Circulation triples within a year, to 76,000 from 26,000, and advertising revenues soar.

16. 8/4/1935: Adolph S. Ochs dies. His son-in-law, Arthur Hays Sulzberger, becomes publisher.
May 1967: The New York Times becomes a joint owner of the Paris Herald Tribune (in circulation since 1887), whereupon the newspaper became known as the International Herald Tribune.
14/1/1969: The New York Times Company stock is listed on the American Stock Exchange. Moves to the New York Stock Exchange in 1997.
2/3/1981: Acquired NYT Cable TV

17. 3/12/1982: Acquired 10 regional newspapers
1/10/1993: Acquired The Boston Globe for 1.1 billion dollars
1995: Boston.com a portal for the city of Boston is launched.
22/1/1996: The Times on the Web – – goes online.

18. 16/7/1996: Acquired KFOR-TV (Oklahoma City, Okla
16/7/1996: Acquired KFOR-TV (Oklahoma City, Okla.) and WHO-TV (Des Moines, Iowa) for $234 million.
25/3/2003: Launched Discovery Times Channel.
18/3/2005: Acquired About.com, a leading online provider of consumer information, for $410 million.

19. 7/5/2007: Sold its Broadcast Media Group for $575 million.
10/7/2008: NYTimes.com’s iPhone application is released. It gives readers offline capabilities, a photo browser with links to related articles and personalization options
March 2011: The Times has charged consumers for content provided on NYTimes.com. Users are charged when they exceed a certain number of articles per month.
In fall 2011, the Globe launched BostonGlobe.com, a paid subscription Web site with access to the full range of The Globe’s content.

20. 6/1/2012: Sold its Regional Media Group.
11/5/2012: Sold its remaining 210 units owned in Fenway Sports Group.
24/9/2012: Sold the About Group for $300 million
August 2013: Sold The Boston Globe for 70 million dollars

21. 15/10/2013: The International Herald Tribune is renamed the International New York Times
March 2014: Innovation Report
2/4/2014: Launched NYT Now for iPhone
17/9/2014: The New York Times launches NYT Cooking available as a new app for iPad and on the web
July 2015: 1 million digital subscribers

23. Απασχολούμενοι 2008
The New York Times Media Group: 4.076
New England Media Group: 2.394
Regional Media Group: 2.216
About Group: 235
Corporate/Shared Services: 425
Σύνολο: 9.346

24. Απασχολούμενοι 2010
The New York Times Media Group: 3.094
New England Media Group: 1.912
Regional Media Group: 1.755
About Group: 241
Corporate/Shared Services: 412
Σύνολο: 7.414

25. Απασχολούμενοι 2012 Απασχολούμενοι 2014
The New York Times Media Group: 3.102
New England Media Group: 1.849
Corporate: 412
Σύνολο: 5.363
Απασχολούμενοι 2014
Σύνολο: 3.588

27. After Months of Tension, Globe Votes on Cuts
                                                                                                                                
John Blanding/The Boston Globe
Michelle Bezanson and other employees rallied April 24 to try to save the paper.

29. Mέση ημερήσια κυκλοφορία

30. Μεταβολή μέσης ημερήσιας κυκλοφορίας 2010-2005
ΝΥΤ: - 20,2%
Boston Globe: -45,8%

31. The NYT Group τo 2010
(1) The New York Times Media Group, which includes The New York Times (“The Times”), the International Herald Tribune (the “IHT”), NYTimes.com and related businesses;
(2) The New England Media Group, which includes The Boston Globe (the “Globe”), Boston.com, the Worcester Telegram & Gazette (the “T&G”), the T&G’s Web site, Telegram.com and related businesses; and

32. (3) The Regional Media Group, which includes 14 daily newspapers in Alabama, California, Florida, Louisiana, North Carolina and South Carolina, their Web sites, other print publications and related businesses.
(4) The About Group consists of the Web sites of About.com ConsumerSearch.com, UCompareHealthCare.com and Caloriecount.com and related businesses.

33. (5) Other interests (a Canadian newsprint company, a 17
(5) Other interests (a Canadian newsprint company, a 17.75% interest in New England Sports Ventures, LLC -“NESV”-, which owns the Boston Red Sox, Fenway Park and other real estate, approximately 80% of New England Sports Network -the regional cable sports network that televises the Red Sox games- etc)

34. Οικονομικά Αποτελέσματα και Χρηματοοικονομική Ανάλυση

35. Οικονομικά αποτελέσματα του Ομίλου New York Times (σε εκατ. δολάρια)
2005
2007
2009
2010
2012
2014
Έσοδα
3231
3195
2440
2393
1990
1589
Λειτουργικό κόστος
2912
2928
2308
2137
1830
1485
Αποτέλεσμα προ φόρων
408
185 4
177
263 92

36. Ανάλυση εσόδων (σε εκατ. δολάρια)
2005
2007
2009
2010
2012
2014
Διαφήμιση
2139
2047
1336
1300
898
662
Κυκλοφορία(συμ-περιλαμβάνονται τα έσοδα των συνδρομών στην ηλ. έκδοση)
874
890
937
932
953
837
Λοιπά
218
258
168
162
139 89
Συνολικά έσοδα
3231
3195
2440
2393
1990
1589

37. Ανάλυση διαφημιστικών εσόδων News Media Group (έντυπες και ηλεκτρονικές εκδόσεις - σε εκατ. δολάρια)
2005
2007
2009
2010
2012
2014
Εθνική (national)
948
946
668
664
602
607
Εμπορική (retail)
500
452
301
277
153
Μικρές Αγγελίες (classified)
590
489
214
191
118 36
Λοιπά 59 64 38 39 26 19
Σύνολο
2097
1950
1221
1171
898
662

40. Ανάλυση λειτουργικού κόστους (σε εκατ. δολάρια)
2005
2007
2009
2010
2012
2014
Πρώτες Ύλες
321
260
166
160
137 89
Απολαβές
652
647
525
498
444
358
Κόστος πωλήσεων & διοικ. λειτουργίας
1379
1397
1153
1054
901
761
Αποσβέσεις
135
190
134
121 97 79
Λοιπά
424
434
330
303
251
198
Συνολικό λειτουργικό κόστος
2912
2928
2308
2137
1830
1485

41. NYT Group financial results (in thousands dollars)
2006
2007
2008
2009
2010
2011
2012
2013
2014
Net Income
208704
-57839
19891
107704
-40224
133339
65105
33307
Total Assets
Total liabilities
Total equity
819842
978200
503963
607243
664076
509509
635811
846534
728349

42. ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΟΙ ΔΕΙΚΤΕΣ
Δείκτης Απόδ. Συνολ. Επένδυσης :100 Χ Καθαρά Κέρδη
Σύνολο Ενεργητικού
Δείκτης Δανειακής Επιβάρυνσης : 100 Χ Συνολικές Υποχρεώσεις
Ίδια Κεφάλαια
Δείκτης Φερεγγυότητας : 100 Χ Ίδια Κεφάλαια
Συνολικά Κεφάλαια

43. FINANCIAL RATIOS
2006
2007
2008
2009
2010
2011
2012
2013
2014
Return on Assets
-14.1 6
-1.7
0.6
3.3
-1.4
4.8
2.53
1.30
Debt ratio
370
255
575
409
394
466
341
204
252
Solven-cy ratio
21.3
28.2
14.8
19.7
20.2
17.7
22.7
32.9
28.4

47. ΕΠΙΧΕΙΡΗΜΑΤΙΚΗ ΣΤΡΑΤΗΓΙΚΗ

48. ANNUAL REPORT 2010
Our results in 2010 reflect our ability to manage the business during a period of transformation for our industry and amidst uneven economic conditions. We anticipate that the challenges we currently face will continue, and we believe that the following elements are key to our efforts to address them.

49. Extending the reach of our brands
Because of our high-quality content, we believe we have very powerful and trusted brands that attract educated, affluent and influential audiences. We are addressing the increasingly fragmented media landscape by building on the strength of our brands, particularly The Times.

50. Strengthening our digital businesses
Our goal is to grow our digital businesses by broadening our audiences, deepening engagement and monetizing the usage of our Web sites. We are pursuing a multiplatform strategy across our Company with new digital products and new platforms, such as mobile, social media networks and reader application products.

51. Restructuring our cost base
Over the past few years, we have focused on realigning our cost base to ensure that we are operating our businesses as efficiently as possible, while maintaining the quality of our journalism and achieving our long-term strategy.

52. ANNUAL REPORT 2014
In 2014 we further sharpened our focus on deriving benefit from our core brand, by working to broaden and deepen the audience for our New York Times journalism, which remains at the heart of our mission and the cornerstone of our business.
We delivered modest overall revenue growth during the year, fueled by strong progress in digital advertising and continued expansion of subscription revenues.

53. Digital advertising results benefited greatly from the introduction of Paid Posts, our native advertising solution, which, in addition to being an important financial contributor, also won critical acclaim.
We’re also pleased with the progress we made this year in advertising sales associated with mobile and video.

54. An example of native advertising http://paidpost. nytimes
A native ad that The New York Times created for Netflix’s “Orange is the New Black” series.
Netflix is a subscription-based film and television program rental service that offers media to subscribers via Internet streaming and via US mail.

55. We had another good year in our digital consumer revenue business, finishing 2014 with 910,000 paid digital subscribers, an increase of 150,000 compared to the end of 2013.
And, expansion of our audience has become a key priority for The Times. We continue to believe that the best path to the deepest user engagement is great journalism and superb written and visual storytelling, and we’re putting more muscle behind ensuring that this journalism reaches readers on all digital platforms in all parts of the world.

56. The mission of The New York Times Company is to improve the world through great journalism. We continue to believe that our adherence to that mission is our key differentiator in the marketplace and is very good for our business. Looking ahead, we will continue to capitalize on the strategies we have put in place to continue to grow our business, with an eye toward increasing shareholder value.

57. Innovation Report, Μάρτιος 2014
The New York Times is winning at journalism. Of all the challenges facing a media company in the digital age, producing great journalism is the hardest. Our daily report is deep, broad, smart and engaging and we’ve got a huge lead over the competition.
At the same time, we are falling behind in a second critical area: the art and science of getting our journalism to readers. We have always cared about the reach and impact of our work, but we haven’t done enough to crack that code in the digital era.

58. This is where our competitors are pushing ahead of us
This is where our competitors are pushing ahead of us. The Washington Post and The Wall Street Journal have announced aggressive moves in recent months to remake themselves for this age. First Look Media and Vox Media are creating newsrooms custom-built for digital. The Guardian and USA Today have embraced emerging best practices that have helped grow readership. And Huffington Post and Flipboard often get more traffic from Times journalism than we do.
In contrast, over the last year The Times has watched readership fall significantly. Not only is the audience on our website shrinking but our audience on our smartphone apps has dipped, an extremely worrying sign on a growing platform.

59. This report reflects a critical shift from the original mission
This report reflects a critical shift from the original mission. Though the initial assumption was that we would emerge with ideas for a stand-alone product — such as NYT Now — our reporting showed us that the more urgent need was to focus on the core of The New York Times.
Focusing on the core is harder than starting something new because every proposal threatens tradition and turf. But the need is more urgent because of the accelerating pace of change and the overstretched newsroom resources.

60. Audience Development
A.D. is about getting more people to read more of our journalism. The work can be broken down into steps like discovery (how we package and distribute our journalism), promotion (how we call attention to our journalism) and connection (how we create a two-way relationship with readers that deepens their loyalty).
Audience Development needs to be a goal for the whole company. But the newsroom, in particular, must seize a leadership position.

61. Readers are finding and engaging with our journalism in vastly different ways. More readers expect us to find them on Twitter and Facebook, and through and phone alerts. But the newsroom pays less attention to these platforms, even though they offer our main, and sometimes only, channels to tens of millions of readers. Here, too, we are lagging our competitors.
BuzzFeed, Huffington Post and USA Today are not succeeding simply because of lists, quizzes, celebrity photos and sports coverage. They are succeeding because of their sophisticated social, search and community-building tools and strategies, and often in spite of their content. The Wall Street Journal recently created a new “audience- engagement team,” bringing social editors and data scientists together in the newsroom.

62. Other media sites, like BuzzFeed and The Washington Post, alter what readers see based on how they arrive on their sites. For example, they will look at data in real time to track which stories are drawing readers from Twitter, and then they show those same stories to other people who visit from Twitter. This practice tends to keep them reading more stories.

63. “Everyone forgets about metadata,” said John O’Donovan, the chief technology officer for The Financial Times. “They think they can just make stuff and then forget about how it is organized in terms of how you describe your content. But all your assets are useless to you unless you have metadata — your archive is full of stuff that is of no value because you can’t find it and don’t know what it’s about.”
For example, at a time when nearly 60% of our readers access us via mobile devices, we are missing an opportunity to serve up content that’s relevant to their locations because we are not tagging stories with geographic coordinates.

64. Strengthening the newsroom
It is hard to believe that only seven years ago, The New York Times housed its digital and print operations in separate buildings. Since that time, the newsroom has undergone a slow, steady evolution. Each year, our traditional and digital journalists become more integrated and more aligned. Each year, our leaders invest more resources into our digital operations. Each year, we produce more groundbreaking digital journalism.
Despite these concerted efforts, we have not moved far enough or fast enough.

65. To become more of a digital-first newsroom, we have to look hard at our traditions and push ourselves in ways that make us uncomfortable. Too often we’ve made changes and then breathed sighs of relief, as if the challenge had been solved. But the pace of change is so fast that the solutions can quickly seem out of date, and the next challenge is just around the corner.
Three structural changes are proposed:

66. (1) COLLABORATE WITH BUSINESS-SIDE UNITS FOCUSED ON READER EXPERIENCE
The wall dividing the newsroom and business side has served The Times well for decades, allowing one side to focus on readers and the other to focus on advertisers. But the growth in our subscription revenue and the steady decline in advertising — as well as the changing nature of our digital operation — now require us to work together.
For the first time, both the newsroom and business side are focused primarily on readers. These departments and roles, which include Design (crafting the reader experience), Technology (bringing the reader experience to life), Analytics (understanding the reader experience), R&D (imagining how the reader experience may change) and Product (crafting a strategy for combining many of these elements into a single, reader-centric experience), are now critical to the newsroom’s efforts, possessing the skills and insights we need to grow our audience and take our digital report to the next level.

67. (2) CREATE A NEWSROOM STRATEGY TEAM
Not so long ago, the masthead could focus almost entirely on the newspaper. Today, running The New York Times newsroom means not just creating a daily print report, but also running a huge web operation, overseeing a growing array of mobile apps, newsletters, news alerts and social media, as well as guiding an international edition, a video operation and a range of new standalone products.
As Jill said recently: “If you even stop to catch your breath, you’re falling behind.”

68. But strategy is such a pressing need at this juncture that it should become a permanent newsroom function, with dedicated staff.
Our recommendation is to create a newsroom strategy team that serves as an adviser to the masthead. This team would include people with strong backgrounds in journalism, technology, user experience, product and analytics. That expertise would help the masthead evaluate and set priorities in critical but less familiar areas like our content- management system, platform functionality and audience development.

69. The team would serve as a catalyst for launching desk-level experiments in these areas and be charged with communicating those results to the newsroom. It would also provide valuable training ground for future leaders by offering a deeper look at the challenges and opportunities facing The Times.
This team would be distinct from the business- side strategy team. But like that team, it would not have an operational role. It would be a neutral internal adviser dedicated to improving everyone’s game.

70. (3) MAP A STRATEGY TO MAKE THE NEWSROOM A TRULY DIGITAL-FIRST ORGANIZATION
In the coming years, The New York Times needs to accelerate its transition from a newspaper that also produces a rich and impressive digital report to a digital publication that also produces a rich and impressive newspaper.
There are factors that, understandably, slow this tricky transition. More than three quarters of our advertising and subscription revenue still comes from the newspaper, and most of our employees have spent their careers building skills to succeed in print. But the huge majority of our readers are digital, and this represents our single biggest opportunity for growth.

71. Πηγή: The New York Times, Innovation Report, σ.81

72. The continued profitability of the newspaper has bought us time
The continued profitability of the newspaper has bought us time. But that head start is eroding. Several billionaires have pledged parts of their fortunes to creating digital newsrooms. Start- ups, backed by venture capital, are redefining digital media. And traditional competitors have moved aggressively to remake themselves as “digital first.”
Around the newsroom, this phrase often is used to refer to publishing articles on the web before putting them in print. But outside our walls, digital-first is an all-encompassing strategy.

73. Digital-first means the top priority is producing the best possible digital report, free from the constraints of the newspaper. The last step is repackaging the best of that digital report for the next day’s paper. This transition requires rethinking staffing, structure and work processes from top to bottom.
Companies with no legacy platform have the advantage of being able to focus entirely on creating the best digital reports. For newspaper companies, making this transition can be so challenging that several of our competitors have handed responsibility for the daily paper to small, stand-alone teams so that everyone else can focus on digital.

74. “the Times innovation report represents much more than just a progress report on the Times’ transition to digital. It reflects the entire industry’s problems with the changeover. Everybody, it appears, is grappling with the same problems, even the great and powerful New York Times” M. Potts (2014) American Journalism Review

75. Our Path Forward, 7/10/2015
In less than five years, The Times has succeeded in doubling its digital‐only revenues to roughly $400 million last year. To put that figure in context, that was about as much as four of our highest‐profile digital competitors — Huffington Post, BuzzFeed, Vox Media and Gawker Media — reportedly earned last year combined.
We've done this by prioritizing digital growth, while also carefully managing our print operations and reducing costs throughout the company without sacrificing excellence. And we've done this by building the largest audience of readers — we are visited on over 140 million devices around the world each month — and paying subscribers in our history. This combination of mass reach and a large subscription base is unique in our industry.

76. Despite these very real successes, we need to move with much more urgency. For all that we've accomplished, our digital business is not yet close to supporting the scale of our ambitions. This is why we are setting the goal of doubling our digital revenues over the next five years, to reach more than $800 million in digital‐only revenue by 2020.
We must succeed if we are to return The Times to a position of growth and outpace the slow but inevitable decline in print. Reaching these targets would take us past the point at which digital revenue exceeds print revenue, an important milestone for the long‐term sustainability of our mission.
This means we must continue to operate more efficiently and ensure that we have the right skills, structures and processes to push us forward. Our organization was built for the print era and now must be redesigned for the mobile era.

77. While most of our competitors chase scale, our unique business model is built on directly asking our most loyal readers to help us pay for our massive newsgathering operation. For this model to scale, we must be far more aggressive about finding and serving readers.
We will continue to lead the industry in creating the best original journalism and storytelling
We are shifting from a pure broadcast model to develop one‐to‐one relationships with readers that tailor the way they experience our content (from mobile alerts connected to readers' interests to articles that rewrite and contextualize data based on your hometown), while still retaining our unique editorial judgment in setting the day's agenda.

78. Mobile is not simply another distribution method; it is transforming the way people consume news and information. The way we tell our stories, the design of the experience and the speed and functionality of the products will be critical to differentiating The Times from the competition.
The effort to modernize our service journalism began with Cooking a year ago. Our goal was to use our content and expertise to address a specific need for our readers: what to cook for dinner. With almost five million monthly users, Cooking has been so popular with readers that we are expanding this service approach to other areas starting with real estate, health, and film and television. Together these efforts aim to reimagine our features sections for the mobile era with the same vigor and creativity that we put into launching them in the 1970s.

79. The Times brand already resonates globally and our progress expanding our overseas audience has accelerated, with an increasing percentage of our subscribers coming from abroad. Today we boast paying subscribers in 193 countries and our London, Paris and Hong Kong offices have become key parts of a truly global operation.
We will continue to develop new audiences and grow The Times as an international institution.
As part of these efforts, we will continue to test and refine new country‐specific approaches to reaching new audiences and gaining subscribers, including experimenting with translations, local briefings and specialized content built for social media. The focus of this approach is to tailor our journalism and products to make them more relevant for specific new audiences, rather than viewing the rest of the world as just one big audience.

80. Our investment in audience development over the last year succeeded in expanding the overall number of readers who visit our own platforms by nearly a quarter, while also increasing the number of deeply engaged readers. Moving forward we will be particularly focused on younger readers, who are already our largest category of readers — 40% of our mobile audience is under 35 years old — but who lag other groups in engagement. Expanding these relationships isn't just a matter of growing our audience; it will help us stay ahead of the curve. Young readers were the first to shift to mobile and the first to embrace social platforms, and they have become reliable first indicators of major trends that ultimately affect our entire audience.
Our expanding investment in ad product innovation, including the recent launch of Mobile Moments, will allow us to continue to grow our digital advertising business, particularly on smartphones. T Brand Studio has become the industry leader in creating innovative advertising that is as engaging and well‐executed as some of our best stories.

81. Data and analytics will enable us to better recognize and respond to our readers' changing habits and needs. Our talented team of data scientists, engineers, researchers and analysts have been moving aggressively to improve our data platforms, incorporate insights throughout our products and operations, and expand access to data and analytics for all Times employees.
We will organize the way we work around our readers, not legacy processes and structures.
Over the next few years, the battle is going to be won or lost on smartphones. This continues to be our biggest area of focus in every part of the organization. But longer term, we have to build a flexible organization that can respond quickly to future changes in technology and user behavior.

82. This new era will continue to be defined by relentless change: in technology, in consumer behavior, in business models. But what hasn't changed is what defines The Times.
The first constant is our unmatched investment in journalism.
The second constant is our commitment to putting readers first.
The work ahead of us is more important than simply securing the future of The Times. Our goal — indeed, our responsibility — is to prove there is a business model for the kind of ambitious, original, high‐quality journalism that is essential for an informed society. Though the scale and complexity of that ambition makes our road steeper and more difficult than it would otherwise be, it also makes it more essential that we succeed.

83. The “2020 Report”
While the past two years have been a time of significant innovation, the pace must accelerate
 Our work too often instead reflects conventions built up over many decades, when we spoke to our readers once a day, when we cultivated an aura of detachment from them and when by far our most powerful tool was the written word.
To keep our current readers and attract new ones we must more often apply Times values to the new forms of journalism now available to us.

84. Συνδρομητές στην ηλεκτρονική έκδοση των NYT, 2014-2016
Πηγή:

85. Η επίδραση του Innovation Report
The Price of Nice Nails
manicurists-are-underpaid-and-unprotected.html?_r=0
The New York Times Launches NYT VR
details/2015/The-New-York-Times-Launches-NYT-VR-Delivers-Over- One-Million-Google-Cardboard-Viewers/default.aspx
New York Times Innovation Report: A year after
the-next-chapter/s2/a565328/
the-suggestions-in-the-innovation-report/
times-new-digital-strategy-memo/?relatedstory

86. ΒΑΣΙΚΗ ΒΙΒΛΙΟΓΡΑΦΙΑ
Austin, S. and Newman, N. (2015) “Attitudes to Sponsored and Branded Content (Native Advertising)”, σε Reuters Institute Digital News Report 2015.
Lyons, L. (1971) Newspaper Story. One Hundred Years of the Boston Globe. Cambridge, Mass.: Harvard University Press.
The New York Times, Annual Reports,
The New York Times, Innovation Report, Μάρτιος 2014.
The New York Times, Our History.
Yin, R. (2014) Case Study Research. Design and Methods. London: Sage.