News Corp. (NWS) introduced The Daily newspaper today, one that is available only on Apple (AAPL) iPad tablets.
"New times demand new journalism,” News Corp. CEO Rupert Murdoch said. "The iPad demands that we completely re-imagine our craft. I'm convinced that in the tablet era there's room for a fresh and robust new voice."
The Daily targets consumers who do not read traditional newspapers, but it will charge for content, a novel idea in a struggling industry. Many newspapers have been losing money and shutting up shop, faced with shrinking advertising sales and free content online. Revenue at U.S. newspapers slumped 29% in 2009, the fourth annual decline, according to the Newspaper Association of America, the last year that data was available.
Subscribers would get the first two weeks for free, and then "The Daily" app will cost 99 cents per week or $39.99 per year. The Daily is the first publication available through iTunes as a subscription.
"No paper. No multi-million dollar presses. No trucks," Murdoch said. "We're passing on these savings to the reader, which is why we can offer The Daily for just 14 cents a day." Murdoch said
Initially, The Daily will be exclusive to the iPad, but it will be available on other tablets later in the year.
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