The promised iPad-only newspaper, The Daily, that News Corporation created with some Apple support and launched in February this year has continued to sell poorly. Bloomberg reports from an advertising executive, John Nitti, that the newspaper is averaging just 120,000 readers a week (which includes those who are on a two-week free trial of the publication). He says the subscription numbers are less than a quarter the number that is required for the publication to make money.
When The Daily was unveiled in February, News Corporation Chairman and CEO, Rupert Murdoch said “We believe the Daily will be the model for how stories are told and consumed”. He spoke of how the publication would have the speed and versatility of new technology with the “serendipity and surprise” of newspapers - making ‘newspapers’ “viable again”.
News Corporation did reveal that more than 1 million people had downloaded the app between February and June but had declined to give out figures of actual readership. In May, News Corporation COO, Chase Carey defended the publication calling it a “work in progress”, and it being “early days”. Murdoch revealed in February that they had invested $30 million in the project, hiring over 100 staff and required a readership of 500,000 to break even.