The world's first tablet-exclusive newspaper, The Daily, launched on Apple's iPad a year and a half ago. Run by News Corp., the publication was a bold foray into the murky digital realm. It was a bet that, so far, isn't paying off.
Despite having more than 100,000 subscribers at $40 annually each ($4 million in total revenue), The Daily is bleeding roughly $30 million per year, reports estimate. As a result, the publication is laying off 50 employees—or nearly one-third of its 170-person staff, a spokesperson has confirmed.
Will content be slashed as a result of the layoffs? Yes, The Daily says. Its "Opinion" section will be completely terminated, while "Sports" will operate on content partnerships. Editorials will also be slashed, appearing alongside opinion pieces in the news section "from time to time." The paper will also feature only vertical layouts—no more horizontal formatting.
With these changes, the News Corp. publication hopes to be more "nimble editorially." Editor-in-chief Jesse Angelo affrms that "our standards will not diminish as we move forward, nor will our enthusiasm for creating an outstanding digital publication."
USA Today called the publication "visually dazzling" when it was first released, while TechCrunch had high hopes that The Daily would "truly bring journalism into the 21st century."
It still may. But clearly not any time soon.