In a mid-July memo, The Daily’s Jesse Angelo asked his staff to ignore “the haters” who have been predicting the tablet-only publication’s imminent demise.
Two weeks later, via AllThingsD:
The Daily, News Corp.’s attempt to create a digital newspaper for the iPad age, is laying off nearly a third of its staff.
The publisher plans to tell its workers today that it will fire 50 of its 170 employees, according to people familiar with The Daily’s plans.
The move comes 18 months after the tablet newspaper’s high-profile launch, and a little more than a month after News Corp. announced plans to split itself into an entertainment company and a newspaper company.
While not a full-on demise, definitely a harsh blow to the 18-month-old publication that launched with much hype — and much skepticism at its walled garden content play — in media and technology circles.
In July, the New York Times reported that The Daily is losing $30 million a year and that its parent company News Corp was putting it on “probation”.
The publication claims to have 100,000 monthly subscribers with a 98% renewal rate.
Besides the layoffs, other cost-cutting measures include reducing sports and opinion pages, and moving to portrait only display (although video will still be viewable in landscape mode).