New York Times expecting to generate about $270 million in revenue from their web based services

New York Times expecting to generate about $270 million in revenue from their web based services

Media group The New York Times has said that their web-based revenues could grow by around 30 percent in 2007. The company is trying to cut costs and increase online services with the sole aim of increasing profits.

They have online services like About.com and NYTimes.com and are expected to generate around $270 million in revenue in 2006. NYT Chief Executive Janet Robinson said in a statement: “The media marketplace has been challenging in 2006, and we expect it will continue to be next year.”

The company added that they plan to complete the sale of New York radio station WQEW in the first quarter of next year. This deal is expected to be worth around $40 million.

NYT like many other newspaper companies is feeling the heat from the growing popularity of the internet as a news source. More people are now likely to get their news from the web rather than buying newspapers.