The New York Times, one of the wealthiest media companies in the world with annual revenues of $2.3 billion, is about to receive a major payday: $100 million over three years from Google in a deal to feature the newspaper’s content on its platforms.
, parent of Journal publisher Dow Jones & Co., is among the publishers that previously have reached agreements with Google over Showcase and other elements. News Corp in early 2021 announced a multiyear deal with Google and said the deal and other partnerships would generate a combined annual revenue of more than $100 million. Beyond the Journal, News Corp owns news organizations in Australia and the U.K., as well as Barron’s, MarketWatch and the New York Post in the U.S.
It’s not the first time Google has devoted large sums of money to propping up the legacy media. In 2019, itdespite the fact that the newspaper already has a robust revenue total of $2.3 billion from a variety of sources last year. By way of comparison, Substack, widely seen as a behemoth of both journalism and subscription revenue,, with an estimated $19 million in revenues for the company itself.
That’s a big revenue stream, even by the standards of tech companies — but it is still dwarfed by the
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