The New York Times News Product Has a Fixed Tam

The New York Times, they are fully a subscription business at this point. They said in their earnings call that they added more than a million digital subscribers in the year 2022. If you look at this stock chart, you'll see the Times is worth about $6.5 billion now. It's about the size that it was 20 years ago. This really is just a model of shrinking to grow. The Times shows that you can actually in a public market setting you can be much more competitive and not rely on the news product.