News Corp has confirmed plans to shut down its tablet magazine The Daily on December 15.
The Daily launched in February of last year but is now being shut down, primarily because the iPad publication failed to attract enough subscribers.
“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” said News Corp CEO Rupert Murdoch, in a statement.
“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. Therefore we will take the very best of what we have learned at The Daily and apply it to all our properties.”
The move will see some of the technology used for The Daily, plus some staff, be folded into the News Corp’s New York Post tabloid, where The Daily editor-in-chief Jesse Angelo will become a publisher.
The Daily was offered to iPad, and later iPhone and Android, users at $0.99 a week or $39.99 a year. Angelo claimed back in July that the publication had over 100,000 paying subscribers. Despite this, The Daily is said to have lost News Corp $30 million alone just last year.