‘From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,’ said News Corp. chief, 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.’
In an open email to staff in June, The Daily editor-in-chief, Jess Angelo revealed that the title had 100,000 subscribers. He denied reports in the New York Times and New York Observer, however, that it was on probation after running up annual losses of £30m.
According to reports, it needed 500,000 subscribers, each paying $0.99 per week or $39.99 a year in order to break even.
‘We will take the very best of what we have learned at The Daily and apply it to all our properties,’ said Murdoch. ‘I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself. I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily.’
The Daily was launched in February last year at a high-profile event in New York’s Guggenheim museum, where Apple vice president of internet service, Eddy Cue took to the stage alongside Rupert Murdoch to unveil what News Corp hoped would ‘take [the] best of traditional journalism and combine with [the] best of contemporary technology.’