A new GamesBeat event is around the corner! Learn more about what comes next.
Rupert Murdoch is finally launching The Daily today, but there’s already been plenty of talk about the long-rumored iPad newspaper. One of the big topics of speculation has been the amount of money Murdoch is pouring into this effort.
Now News Corp has confirmed that it has already spent $30 million on The Daily and that it will cost about $500,000 a week to keep it going. Back when the $30 million number was reported last fall, other publishers were scratching their heads — Sarah Chubb, president of Conde Nast Digital, said it “doesn’t make any sense.” (News Corp’s digital media chairman and CEO Jon Miller said in December that the $30 million estimate was too high, but, uh, I guess he didn’t get the memo?)
That means The Daily is going to have to be a huge hit. At 99 cents a week (split with Apple), it will need hundreds of thousands of subscribers to break even on subscription revenue alone. (Murdoch said he eventually hopes to make half the revenue from advertising.) In comparison, Conde Nast’s Wired iPad app averaged 31,000 in monthly sales between July and September.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more