Time chief executive Jessica Sibley has revealed how a shift away from reader revenue towards direct-to-business sales has paid off for the iconic US brand.

She was among several media leaders who delivered upbeat business updates at the Press Gazette Media Network USA conference in New York last month.

At the same event a year earlier, publishers voiced alarm over plunging online ad revenue and falling referral traffic from key partners like Google. But this year representatives from publishers including Dow Jones, Forbes, New York Post and Dotdash Meredith reported growing advertising and subscription revenues and buoyant website traffic.