In a press release this morning, media giant News Corp announced that The Daily will shut down for good on Dec 15. The first ever daily news app for the iPad had its chance to change the face of media and it failed. Journalist and news reporters around the globe are hanging their heads in memoriam right now.
In a press announcement, detailing some major changes to News Corporation and it’s decision to split into two groups, News Corp and Fox Group, the company casually threw in the bombshell information with regards to where The Daily’s founding Editor-in-Chief would relocate.
“As part of a digital restructuring initiative, the company will cease standalone publication of The Daily iPad app on December 15, 2012, though the brand will live on in other channels.”
The Daily, which launched in February of 2011, was the first iPad-only news app and a huge risk for the industry. Would people be interested in a subscription-based daily newspaper that was not already established as a reliable source for information?
Apparently not. After a year and a half, approximately 100,000 paid subscribers was not enough to keep the media periodical afloat. The company was reporting a $30 million yearly loss.
“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” said News Corp. CEO Rupert Murdoch. “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.”
The Daily represented a would-be change to the future of digital media. It is too bad that the world was not yet ready to make the leap into the unknown.