Business
Lee Enterprises reports strong digital growth in the first quarter
Total Digital Revenue totaled $65M (+17% YOY)Digital-only subscribers total 564,000 (+25% YOY) with revenue +56% YOYAmplified Digital® revenue totaled $21M in
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"Total Digital Revenue totaled $65M (+17% YOY)Digital-only subscribers total 564,000 (+25% YOY) with revenue +56% YOYAmplified Digital® revenue totaled $21M in the fiscal quarter (+45% YOY)Reaffirms Adjusted EBITDA guidance for fiscal 2023 DAVENPORT, Iowa, March 02, 2023 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 77 markets, today reported preliminary first quarter fiscal 2023 financial results(1) for the period ended December 25, 2022. “Lee delivered strong first quarter digital growth with consistent execution of our Three Pillar Digital Growth Strategy,” said Kevin Mowbray, President and Chief Executive Officer. “We are pleased with our impressive digital subscription growth and digital subscribers now total 564,000, a 25% increase over the prior year. We are also driving higher rates as revenue from digital subscriptions was up 56% in the quarter. Digital advertising revenue increased 12%, with Amplified Digital revenue growth of 45%. “We are facing broader economic headwinds, and as a result, we took swift action and implemented significant reductions mainly focused on costs that support our print business. We continue to invest in our digital business and key metrics demonstrate we are well on our way to driving our digital transformation. “We expect strong fiscal year digital revenue growth combined with the changes we've made to the organization to keep us on track to achieve our overall Adjusted EBITDA(2) guidance for the fiscal year.” Mowbray added. Key First Quarter Highlights: Total operating revenue was $185 million.Total Digital Revenue(3) was $65 million, a 17% increase over the prior year, and represented 35% of our total operating revenue.Digital-only subscription revenue increased 56% in the first quarter compared to the same quarter last year due to a 25% increase in digital-only subscribers and increases in average rates.Digital advertising and marketing services revenue represented 53% of our total advertising revenue and totaled $48 million, a 12% increase over the prior year. Digital marketing services revenue at Amplified Digital® fueled the growth, with quarterly revenue of $21 million, a 45% increase compared to the prior year.TownNews rebranded as B...