News Corp set to close iPad newspaper The Daily due to lack of subscriptions
News Corporation has today announced that The Daily is set to close on 15 December, with a lack of subscriptions being blamed for the iPad newspaper not lasting two years.
Launched in February 2011, the $39.99 a year subscription service needed about 500,000 subs to break even, and is rumoured to be losing $30m a year.
Rupert Murdoch said: "From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation. 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
"We will take the very best of what we have learned at The Daily and apply it to all our properties. I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself. I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily."