The publisher of News Corp.’s The Daily said earlier this year that the iPad-only publication might need a few more years to be profitable. Today the company announced it won’t get that chance.
Although it has been one of the most-popular and highest-grossing iPad news apps, The Daily was unable to gather enough paying subscribers at 99 cents a week or $39.99 a year to sustain itself.
In a note to staff, The Daily’s publisher and editor-in-chief said, “Although we have over 100,000 passionate paying subscribers, unfortunately we have not been able to build a big enough audience fast enough to make our business model work.”
News Corp. CEO Rupert Murdoch set a high bar. He said early on that The Daily would be a success “when we are selling millions.” With expenses running at about a half million dollars a week, the publication would have needed near 500,000 subscribers at $3.99 a month or $39.99 a year just to break even. Read more