The Daily may have revolutionized newspapers for a digital, iPad age, but that doesn’t mean that it’s been a cheap process for owners News Corp.: According to company president Chase Carey, the Daily lost around $10 million in the last quarter alone, and is expected to run to a total cost of $30 million by the end of June.
That doesn’t mean that the paper isn’t a success: the download count is over 800,000 since launch. But with the Daily offering free trials for new subscribers, it’s unclear how many of those downloads were actually paid subscription downloads – and Carey isn’t telling, responding on an earnings call to a reporter asking that very question by saying, “We’re not going to build this in a fishbowl… That sort of detailed information is not something we’re going to share publicly at this point.”
Carey continued, telling reporters and analysts that it’s too early to know how successful the Daily will end up being:
It’s really early days. It’s only a month-plus that it’s been pay-based. It’s actually one of the most downloaded news apps out there. It’s a work-in-progress, we’re proving the technology, refining the content – the tablet market is still in its infancy.
Still, that’s one expensive baby. Here’s hoping that it grows up to be something that can support its parents as they grow old and feeble.
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