News Corp Hit With $10 Million Loss on The Daily

Rupert Murdoch - World Economic Forum Annual M...
Image by World Economic Forum via Flickr

Rupert Murdoch’s News Corp has spent $30 million establishing the iPad-only daily magazine and now has lost around $10 million in the first quarter according to Chase Carey, the deputy chairman, president and chief at News Corp. The number of downloads of The Daily sits at 800,000, but figures haven’t been released about how the amounts of paid and trial subscribers.

Each day, The Daily publishes around 100 pages. “The magic of great newspapers — and great blogs — lies in their serendipity and surprise, and the touch of a good editor,” said Rupert Murdoch when he introduced The Daily to readers. However, some comments from internet users seem unhappy with the mix of content provided; a reminder that content is king.

News Corp has also missed the earnings target this third quarter with revenue of $8.256 billion instead of the estimated $8.42 billion.

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