News Corp’s The Daily set to close

Less than two years after launching it, to great fanfare, News Corp is to close down its iPad app The Daily. The app’s already been removed from iTunes, and will publish its final issue on December 15.

The Daily has lost a lot of money since its launch. Its 100,000-odd subscribers, paying 99 cents a week or $40 a year, simply didn’t bring in enough cash to support the title’s large and well-paid editorial team. It was said to be losing as much as $30 million per year.

And consumers weren’t all that enthusiastic. The content was fairly run of the mill, and hiding it behind a paywall meant that the title had a comparatively low profile. The app itself was somewhat bloated, and took  up to 15 minutes to download.

“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” says News Corp chairman Rupert Murdoch.

“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 title’s resources, including editor-in-chief Jesse Angelo and many other memebers of the 120-odd staff, will be shifted across to the New York Post.

The move comes as part of a reorganization that will see Fox Group spun off into a separate entity.

“At Fox Group, what began with the acquisition of a modest film studio over 25 years ago has grown into one of the world’s most successful media companies of all times, defying conventional wisdom at every turn by pursuing excellence in creativity and innovation,” says Murdoch.

“Fox Group is perfectly positioned to deliver even more inspiring stories that engage audiences through film, television, sports and digital platforms.”