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Remember The Daily, Rupert Murdoch’s iPad-only newspaper? You can bet the accountants at publisher News Corp. do, because they’re bathed in the red ink of the project’s $10 million first-quarter loss.
Engadget is reporting that News Corp. has lost another $10 million on the iPad-only newspaper The Daily, and that’s just from the first quarter alone. Publisher Rupert Murdoch claims to have spent $30 million prior to the launch to get things rolling for the highly anticipated launch, which wound up being fraught by bugs that took several weeks and a few updates to finally get a handle on.
Perhaps the better news is that The Daily app has been downloaded 800,000 times, although News Corp. isn’t saying how many of those folks stuck around when the free trial period ended. The media conglomerate stressed during its first quarter results that The Daily is “still a work in progress,” but one has to wonder how much red ink they can take on (remember MySpace, which is now up for sale?).
News Corp. may be looking ahead to the launch of The Daily on another platform, presumably Android tablets next, to be their saving grace -- but we all know that Android users love them some free apps, so how that will pan out is anyone’s guess.
Follow this article’s author, J.R. Bookwalter on Twitter
(Image courtesy of Engadget)