Murdoch's News Corp launches new iPad paper The Daily in New York

News Corp's new iPad newspaper launches this afternoon, and you can watch its official unveiling live here.

The ceremony is taking place at the Guggenheim Museum in front of journalists, analysts and media luvvies.

The $30m question is, will the new product which has been christened The Daily represent a brave new future or will it simply be another MySpace?

$30m dollars because that is what the Murdoch empire has sunk into the project, which has involved hiring around 100 journalists.

It is thought the new product will contain commuter size, bit sized chunks in terms of news and a mix of celebrity gossip and Daily Mail type features.

Costing readers $0.99 a week Murdoch estimates it will need around 800,000 sales to break even. However, it is thought Apple will use the event to announce it new subscription service which will cost publishers 30% of all sales.

It is not yet known when The Daily will be launched into the UK market.

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