Virgin launches iPad-exclusive magazine

The world of magazines is in the midst of a potentially radical change, a fact that has been cemented after tycoon Richard Branson and his company Virgin launched an ambitious new publication which will only be available through the iPad.

The new monthly magazine, called Project, is focused on style and culture and will feature interactive elements like video and hyperlinks.

Branson headlined a launch event last night in New York, where the publication was officially titled the first iPad-only magazine. At least, the only one from a major media company.

News Corp is planning to launch a similar project, called The Daily, but that won’t be available until a bit later. Branson wanted to beat News Corp to the punch, saying “a fair bit of competition doesn’t hurt,” according to a BBC report.

However, Branson added he is not in “a battle” with News Corp. The Daily will focus on current events and hard news, while Project is more of a casual publication.

The flagship issue of Project features content about a new Jaguar prototype and a peek at the upcoming Tron: Legacy movie.

Project costs $2.99 per issue, which may seem steep for a completely digital product, with ads. However, that’s still cheaper than magazines on a newsstand so Branson hopes people will see value in it.

It’s a risk at this point, because this is untested water. But it does highlight there is a fundamental shift in the way people want to access content.