NYT's stock price was down 7% yesterday because Wall Street analysts believe Meta's Muse agent will help consumers lower their subscription price. JPM's Mark Schilsky writes: “Have you ever tried to cancel your Times subscription? They offer you a huge discount every time! SIRI does the same thing. Somehow I think Muse will figure this out for MANY subscribers. I still think the stock that is MOST exposed to this phenomenon is NYT."
What's notable is that NYT engages in dynamic pricing much more than other subscription businesses like Netflix or Spotify. They have tenured subscribers paying $35/mo who could get their price down to $10/mo just by threatening to cancel.