updated 12:00 pm EDT, Thu July 12, 2012
Tablet-based news app said to be losing millions
News Corporation may be on the verge of shutting down The Daily, according to a source in contact with the New York Observer. The publication has allegedly been put "on watch" because of ongoing financial losses totaling about $30 million per year. Its fate is expected to be reevaluated after the US Presidential elections on November 6th.
The Daily was launched to intense media attention in February 2011, and developed with help from Apple, which brought in-app subscriptions to the App Store for the first time. The publication was initially restricted to the iPad however, and only relatively recently has it become accessible on the iPhone, as well as Android tablets and smartphones. That may be hampering its audience; critics have also complained about factors like a conservative bias, and tabloid-style content.