And what I'd like to just say is we aim to modestly increase our margins this year in 2023. The company forecasts that its digital subscription revenue will increase by between 13% and 16% in the current first quarter, alongside a low single-digit fall in digital advertising. It's slightly larger than all of New England combined NYT Crossword. Net income fell 64% in the quarter ending December 31, to $US262 million from $US94 million. So, kind of tested our way into it, figured out the optimal way to do that. Meanwhile, print advertising was lower by 8. New York Times (News) is featured on the AllSides Media Bias Chart™.
A 2007 survey conducted by Rasmussen Reports found that 40% of survey respondents believed the New York Times had liberal bias, 20% thought it had no bias, and 11% believed it to be conservative. The study looked at pieces published in the Los Angeles Times, the New York Times, USA Today, the Wall Street Journal, and the Washington Post. The number of digital-only bundle and multiproduct subscribers grew by approximately 380, 000 in the quarter, driven mainly by increases to the number of new bundled subscribers, augmented by existing subscribers who upgraded to the bundle. While it will take time for the business to fully ramp up, demand is strong and we're off to a good start. We made steady progress in the quarter toward becoming the essential subscription for every English-speaking person seeking to understand and engage with the world. With Move to be sold, it's not certain if the News cuts estimate includes jobs that will go in the sale. 5% compared with 2021, primarily driven by growth in the luxury category. The longer the better. Moving to digital-only subscriber ARPU, which includes all of our digital products. And now we're seeing a much more varied set of stories. And general and administrative costs were higher by approximately 11% due to an increase in the number of employees needed to support the growth in our business over the last several years, higher enterprise technology costs and onetime building maintenance costs, partially offset by a lower incentive compensation accrual as compared with last year.
35a Some coll degrees. We expect expense growth to slow in the second half of the year compared with this first quarter guidance. We expect that positive ARPU trend to continue throughout 2023 as more subscribers transition to paying higher prices. Question-and-Answer Session. We had two special items in the quarter: A $22. I think I think the moves we made and announced last February showed a bit of a shift in our philosophy, which we think was a positive step to be able to return capital to shareholders. The 5% cut at News is a deeper cut than at the much large Disney where a 5% cut would have seen over 10, 000 jobs cut. Do slightly better than nytimes.com. Both the total volume of new bundled subscribers and the share of new subscribers choosing the bundle grew significantly over the course of the year.
I'll now discuss the cost drivers for The New York Times Group. Within each product and then across the bundle, we still have plenty of levers to continue to drive engagement. The average bias rating for The New York Times across all survey respondents — liberals, centrists, and conservatives — was Lean Left. 6 million total subscribers, including print. And as you know, we sent our former head of ads from The Times over The Athletic to build that business and a couple of folks went with him, and they've built out a team, and I would just say it all feels very promising. But most of it happened this quarter. Better than i expected nyt. On a constant currency basis, News Corp Australia saw revenue down 3%. One, The Times has a pretty wide base of advertisers, but we get particular campaigns from those advertisers. So, I'd say that all feels broadly good. 20a Jack Bauers wife on 24. I would now like to turn the conference over to Harlan Toplitzky, Vice President of Investor Relations. AEI Report Finds Slant in Coverage of Biden's Student Loan Forgiveness Plan. Now let me set this all in context. And general and administrative costs grew approximately 6%.
Roland, the 45% drop in media expenses in the third quarter, is that just because of the big expenditure a year ago? I wanted to ask you to talk about your visibility into subscriber acquisition and retention trends now versus a couple of years ago or a little earlier when you were just starting your digital business growth because we all remember that it was hard for you to predict what a quarter would look like even in the middle of the quarter. Given our performance through September and our outlook for Q4, we are updating and further quantifying our AOP guidance range for the full year to between $320 million and $330 million. Important Note: This page refers to the media bias rating for the New York Times' news content only. Just wanted to better understand what you're seeing in the business that gives you the confidence to kind of increase the allocations to buyback and dividend? To that end, our focus continues to be on building engagement for The Athletic as part of The Times bundled, significantly widening its audience funnel by further opening up its hard paywall and increasing overall awareness for The Athletic journalism. I think I can give a short answer, which is just the update on capital return reflects real confidence in our strategy. 5 million December quarter revenues.
Digital subscriber revenue grew 23% in the quarter, driven primarily by successfully stepping up subscribers from promotional offers to higher prices, which continues to go well and reflects our strategy in action. These cost discipline efforts are strategic, and we expect them to be sustainable. And I want to acknowledge the announcement we made just before the year turned, that my friend, and long-time Times colleague, Roland, will retire midyear. We're making great progress with the bundle, which underpins our ability to better penetrate our addressable market and drive more volume and revenue. Owner: The New York Times Company. We reached record highs on both metrics by year-end with more than 30% of new subscribers taking the bundle. Digital-only subscription revenue grew primarily as a result of the large number of subscribers whose introductory promotional subscriptions graduate to higher prices, the new subscriptions we've added in the past year and the inclusion of subscription revenue from Athletic standalone subscriptions. This is largely consistent with the 105% funded status we reported at year-end 2021, a strong result in light of the general market performance in 2022. I'm a little confused on that. The big thing that we've seen this year that's been different from past years is we've had a number of years where it was kind of one or two very, very big storylines driving the news cycle. For the quarter, digital-only subscriber ARPU decreased 8% compared to the prior year from $9. 1 million in the same period of 2021 "as higher digital subscription revenues at The New York Times Group segment and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company's withdrawal from a multi-employer pension plan and operating losses at The Athletic (a sports skewing website) segment. Harlan Toplitzky: Thank you, and welcome to The New York Times Company's Fourth Quarter and Full Year 2022 Earnings Conference Call.
I realize you had extra days. And finally, please note that a copy of the prepared remarks from this morning's call will be posted to our investor website shortly after we conclude. Just over 3% were attributed to individuals identified as taxpayers or taxpayer advocates. Please note that this guidance reflects the impact of an extra week in our fourth quarter of 2022 as compared with 13 weeks in the same period of 2021. We ended 2022 with 9. In Q4, we added 240, 000 net digital subscribers, roughly on par with the prior year, but as noted, with a much higher share going to the bundle. Last June, we noted that the midterm profit target we shared was influenced by several potential headwinds. This represents a change in practice in the last 3 quarterly calls in which I provided guidance to The New York Times Group only.
Less encouragingly, digital advertising revenue growth for the 4th quarter was sluggish. But Roland, you may add more detail to that. Thank you for joining us this morning. 59a One holding all the cards. I really appreciate all the color on the bundle adoption strategy. A total of 706 people across the political spectrum took the survey. Times executive editor Dean Baquet stated, "We have to be really careful that people feel like they can see themselves in The New York Times. And one of the things we're really pleased to see in the early days with The Athletic, and I think we launched ads in September, Roland and Harlan are nodding. 42a Started fighting. New York Times Fact Check Section Has Lean Left Bias: July 2021 Editorial Review. The $US250 million buyback is in addition to the $US150 million program approved a year ago. The higher engagement we see among bundled subscribers has sustained even as we've increased its uptake at roughly 10 to 20 percentage points more than news-only subscribers on a weekly basis. New York Times Group advertising revenue grew 3% with strong results in print, offsetting a slight drop in digital revenue. We continue to believe that volume growth is our biggest driver of long-term shareholder value.
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