{"id":1437,"date":"2024-07-19T08:24:00","date_gmt":"2024-07-19T08:24:00","guid":{"rendered":"https:\/\/aidanmccullen.com\/?p=1437"},"modified":"2024-07-19T08:24:00","modified_gmt":"2024-07-19T08:24:00","slug":"it-was-the-worst-of-times-then-the-best-of-times-turmoil-and-turnaround-at-the-times","status":"publish","type":"post","link":"https:\/\/aidanmccullen.com\/?p=1437","title":{"rendered":"It was the Worst of Times, Then the Best of Times: Turmoil and Turnaround at The Times"},"content":{"rendered":"<p><em>\u201cPeople thought it was a document staring into the future. But it was a culture document and it was just about trying to create the conditions for people to stop saying no to change.\u201d\u200a\u2014\u200aA. G. Sulzberger, Chairman of The New York Times Company (<\/em><a href=\"https:\/\/reutersinstitute.politics.ox.ac.uk\/news\/here-are-11-key-quotes-our-exclusive-interview-new-york-times-publisher-g-sulzberger\"><em>2024 Reuters Memorial Lecture.<\/em><\/a><em>)<\/em><\/p>\n<p>In 2014, The New York Times found itself at a precipice. The publication of its for-internal-eyes-only \u201cInnovation Report\u201d laid bare the challenges it faced in the digital age. The report was a damning self-assessment, highlighting a stark reality: The Times was struggling to adapt to the rapid changes in media consumption, losing ground to more agile, digital-first competitors. It seemed destined to join the 70% of companies unable to pivot and reinvent themselves in the face of disruptive change.<\/p>\n<p>However, this story took a different turn. The New York Times refused to accept a fate of decline and obsolescence. Instead, it embarked on one of the most significant transformations in its (ahem) storied history. Recognising the existential threat posed by the internet\u2019s disruption of the advertising market, The Times shifted its focus. No longer would advertising revenue be the business\u2019s backbone; instead, the future would be built on the bedrock of subscription revenue.<\/p>\n<p>This strategic pivot was not simply a change in revenue focus but a complete overhaul of the company\u2019s operational ethos. The year following the Innovation Report, The Times\u2019s leadership released \u201cOur Path Forward,\u201d a document that outlined a bold vision. It aimed to transform its business model so that digital revenue would surpass print revenue, setting an ambitious target to double digital revenue to $800 million within five years to sustain its global journalistic endeavours.<\/p>\n<p>The transformation was multifaceted. It meant reimagining the product experience to make a subscription as indispensable as Netflix or Amazon Prime, expanding global reach, innovating in digital advertising, and restructuring the organisation to prioritise digital platforms and reader experience. The Times accelerated its digital experimentation, embracing visual and data-driven storytelling, exploring new media formats like video and podcasts, and launching digital subscriptions like NY Times Cooking and\u00a0Games.<\/p>\n<p>Governance also evolved, with digital integration at the core of the organisation. Cross-functional teams brought together journalism, product, and engineering perspectives. New ventures and acquisitions, including NYT Wirecutter, Wordle and The Athletic, broadened The Times\u2019s digital footprint. Looking ahead, The New York Times has set its sights on becoming \u201cthe essential subscription for every English-speaking person seeking to understand and engage with the world.\u201d It\u2019s a vision that reflects the remarkable journey from the brink of obsolescence to a model of digital transformation success.<\/p>\n<p>The transformation extended to the very culture of The Times, shifting from a risk-averse mindset to one embracing innovation and learning from failures. This cultural shift was crucial and highlighted the unique position of The Times in employing journalists skilled in coding, a testament to the evolving nature of journalism itself.<\/p>\n<p>The results speak volumes. The Times reached its $800 million digital revenue target a year early and surpassed its subscription goals well ahead of schedule. Digital revenue eclipsed print revenue, and subscriptions outpaced advertising, marking a successful reinvention. The stock price soared, reflecting investor confidence in the company\u2019s new direction.<\/p>\n<p>I love the way the <a href=\"https:\/\/www.nytco.com\/press\/our-strategy\/\">NYT (publicly available) strategy<\/a> concludes with a human touch: \u201cInside The Times, we will do this important work with a sense of common purpose, care for each other, and a culture that fuels our mission, business and\u00a0people.\u201d<\/p>\n<p>For more on this remarkable transformation, check out the latest episode of <a href=\"https:\/\/www.linkedin.com\/company\/the-innovation-show\/\">The Innovation Show<\/a> with <a href=\"https:\/\/medium.com\/u\/5ae59bc2b078\">David Rogers<\/a> on his brilliant book, \u201cThe Digital Transformation Roadmap\u201d, hot off the digital\u00a0press.<\/p>\n<p>You can read the full NYT case by downloading a free chapter from David\u2019s book  here: <a href=\"https:\/\/bit.ly\/DX-chapter\">https:\/\/bit.ly\/DX-chapter<\/a><\/p>\n<p><a href=\"https:\/\/medium.com\/media\/116484da9fd93840bb195337625f8f06\/href\">https:\/\/medium.com\/media\/116484da9fd93840bb195337625f8f06\/href<\/a><\/p>\n<p><a href=\"https:\/\/medium.com\/thethursdaythought\/it-was-the-worst-of-times-then-the-best-of-times-turmoil-and-turnaround-at-the-times-a8afab6adfb1\">It was the Worst of Times, Then the Best of Times: Turmoil and Turnaround at The Times<\/a> was originally published in <a href=\"https:\/\/medium.com\/thethursdaythought\">The Thursday Thought<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>\n<p>The post <a href=\"https:\/\/theinnovationshow.io\/it-was-the-worst-of-times-then-the-best-of-times-turmoil-and-turnaround-at-the-times\/\">It was the Worst of Times, Then the Best of Times: Turmoil and Turnaround at The Times<\/a> appeared first on <a href=\"https:\/\/theinnovationshow.io\/\">The Innovation Show<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u201cPeople thought it was a document staring into the future. But it was a culture document and it was just about trying to create the conditions for people to stop saying no to change.\u201d\u200a\u2014\u200aA. G. Sulzberger, Chairman of The New York Times Company (2024 Reuters Memorial Lecture.) In 2014, The New York Times found itself [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":1438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It was the Worst of Times, Then the Best of Times: Turmoil and Turnaround at The Times - Aidan McCullen \u2013 Keynote Speaker Ireland | Innovation &amp; Leadership Expert<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aidanmccullen.com\/?p=1437\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It was the Worst of Times, Then the Best of Times: Turmoil and Turnaround at The Times - Aidan McCullen \u2013 Keynote Speaker Ireland | Innovation &amp; Leadership Expert\" \/>\n<meta property=\"og:description\" content=\"\u201cPeople thought it was a document staring into the future. 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But it was a culture document and it was just about trying to create the conditions for people to stop saying no to change.\u201d\u200a\u2014\u200aA. G. Sulzberger, Chairman of The New York Times Company (2024 Reuters Memorial Lecture.) 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