NEWS CORPORATION announced today that it will close The Daily, the world's first Ipad-only newspaper.
The Daily launched to much fanfare back in February 2011, and looked to revolutionise the way we consume news. It was priced at 14 cents per day or 99 cents for a week, and unlike traditional newspapers it boasted baked-in HD video and 360 degree images.
However, it looks like Rupert Murdoch's plan didn't quite work out like he had hoped, as News Corp announced today that it will shut down The Daily and drop the Ipad application.
This doesn't come as much of a surprise, really. Just three months after The Daily's initial release, it was revealed that the newspaper was losing readership. This was probably because there are plenty of places where readers can go for free news on the internet, complete with embedded videos and interactive images.
It's unclear how much money News Corporation lost on The Daily, but reports suggest this figure is around $30m a year.
Rupert Murdoch said, "From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation. 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.
"I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily."
The Daily will be shut down as of 15 December. µ