News Corp axes iPad news app The Daily

The Daily

Cameron Yuill, chief executive of AdGent Digital, says the failure of The Daily came down to a simple math problem:

“Not enough subscribers to cover the cost of production and distribution (Apple’s 30% fee). The Daily had reportedly 100,000 subscribers at $40 per year which by my math is only $4 million annually. The mistake News Corp. made was hiring (expensive) editorial, journalists and technologists to build and provide content for the newspaper. No doubt overhead was way in excess of income. Murdoch has made the decision that The Daily is not growing fast enough to ever have a chance of covering its costs, let alone making a profit. So The Daily bites the dust. Fair enough.”

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