Digital magazine The Daily has laid off nearly a third of its staff to help the unprofitable publication save costs, parent company News Corp. announced today.
Since the launch of the The Daily in February 2011, people have wondered if an iPad-only publication could make enough money to be sustainable. It currently loses $30 million a year, and executives projected that it would take five years to break even. With News Corp. planning to split its publishing and entertainment businesses, that timeline doesn’t look so viable anymore.
In a press release, The Daily said it would cut 50 full-time employees, or 29 percent of its full-time staff. The sports section will be gutted and replaced with content from “partners” like Fox Sports. The opinion section will be cut entirely.
The publication also said it would move to a “portrait-only orientation,” which could help it save money on development. Videos will still be viewable in landscape mode.