News Corp shutting down iPad newspaper 'The Daily' over recurring losses
Rupert Murdoch's media firm News Corp has announced it will shut down The Daily, its iPad-only newspaper, after the firm failed to cover its costs.
The Daily, a general interest newspaper that invested heavily to take advantage of tablet technology to offer an interactive and visually compelling read, was introduced to the App Store in February last year.
The newspaper, which attracted only around 100,000 subscribers, will last be published on n 15 December, News Corp said.
According to the Telegraph, Murdoch admitted the economics of The Daily had not worked, despite low overheads relative to a print newspaper.
"Unfortunately, our experience was that we could not find a large enough audience quickly enough to convince us the business model was sustainable in the long-term," he said.
News Corp developed The Daily in close collaboration with Apple, which hoped it would be the first of a wave of iPad-only publications.