With Facebook going public and expecting to receive a valuation of up to $100bn when its shares hit the market, it’s easy to forget that just a handful of years ago, Facebook wasn’t the only game in town in the social networking space.
And for a time, there was actually another leader: MySpace.
Earlier this year, Rupert Murdoch’s News Corp. announced that it was making a significant bet on tablet devices.
The bet: that an iPad-only news publication could launch and thrive at a time when many established news publications were struggling to survive.
“New times demand new journalism,” Murdoch proclaimed. And with eight figures in investment in The Daily, he stated confidently, “we believe The Daily will be the model for how stories are told and consumed in this digital age”.
Half a year later, however, The Daily appears to be off to a slower start than Murdoch may have anticipated.
Yesterday, News Corp. made what many publishing executives hope will be
one of the most important announcements in the annals of digital
publishing: the launch of the much-anticipated iPad publication, The
But while subscribing to The Daily is probably accurately described as ‘affordable‘ at 99 cents a week, or $39.99/year, producing the publication isn’t. News Corp. has confirmed that its investment to date is already a whopping $30m, and that The Daily will have a weekly overhead of $500,000.