News Corp. CEO Rupert Murdoch introduced the iPad newspaper The Daily (free) almost eight months ago with expectations that the paper would easily meet the half-million subscribers required for the publication to break even. Now Bloomberg is reporting that The Daily is well behind that goal, with an estimated weekly circulation of only 120,000 readers.
The Bloomberg post cites advertising exec John Nitti of Publicis Groupe SA as saying that the 120,000 reader figure is for unique weekly visitors, which also includes readers who are taking advantage of the paper's two-week free trial. As a result, the actual number of paying subscribers is less than the total readership figure.
After the free trial, The Daily is available for US$0.99 per week or $39.99 a year. Nitti thinks that 120,000 readers is still a respectable number for The Daily, and expects that his client (Verizon) will continue to advertise on the paper. Bloomberg notes that The Daily is expanding beyond the iPad, adding a Facebook version this month and an Android edition within the next three weeks.