Executives at News Corp. announced Monday that the company’s iPad-only newspaper “The Daily” will cease operations Dec. 15.
The publication, which launched in February 2011, was the industry’s first iPad-only newspaper, a dual creation from the minds of Steve Jobs and Rupert Murdoch.
There were rumors floating around earlier this year that Murdoch had put The Daily “on watch” after questioning its profitability. The tabloid allegedly lost about $30 million per year despite attracting 100,000 subscribers. Nearly one-third of its staff was laid off, but News Corp. decided to wait until after November’s election to consider further options.
That reconsideration came Monday when News Corp. shared a press release officially declaring the publication’s closure.
“The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” Murdoch said. “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.”
The company’s release also included an unexpected turn: Jesse Angelo, the founding Editor-in-Chief of The Daily, is moving to The New York Post as Publisher.
“We will take the very best of what we have learned at The Daily and apply it to all our properties,” Murdoch continued. “I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself.”
Many blame an Achilles’ heel for the tablet publication’s failure. While other News Corp.-owned newspapers like The New York Post and The Wall Street Journal can be accessed by users in print, online, and elsewhere, The Daily’s audience is limited to iPad users. These people may have purchased the publication through other media, but the barrier to entry, if you will, is too costly.
“It sucks,” one reporter told Business Insider. “It was a really cool, hip product. I think this is nothing more than bad timing.”
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