"While print's relevance remains, its decline casts a shadow on its longevity. Meanwhile, tech giants like Google, Apple, and Meta curate news feeds based on algorithms, creating echo chambers instead of unfiltered information landscapes. This, coupled with ad blocker hurdles and tech giants' advertising dominance, makes traditional revenue models struggle, particularly for subscription-based outlets. As technology marches on, the news industry grapples with constant adaptation, leaving its future precariously poised."

"We are proud to have helped build the broader market for paid quality journalism. We've reached a milestone that once seemed unimaginable: more than 10 million paid subscriptions. This mission guided us through the existential challenges of recent years, helping us weather shifts from print to digital and upheaval in the advertising market. And it's what propelled us in building a digital-first, subscription-first business, centered on journalism worth paying for. More than 40 percent of our revenue still comes from print, a business that will continue to shrink, even as we expect to continue to produce a world-class newspaper for years to come. And advertising, which remains an important contributor to our success, will continue to be shaped by dynamics outside our control.

We have multiple other revenue streams that are important to our underlying economics, the largest of which is advertising. As with subscriptions, these revenue streams rely on our strong brand, unique content and large, highly engaged audience. While we expect the advertising market to continue to evolve, our strategy has proven resilient. This strategy emphasizes direct relationships with highly engaged users; respects their experience on our platforms; and enables unique partnerships with brands. And while advertising will always be downstream of subscriptions, its growth and ability to continue to innovate is central to helping us achieve our goals."