the daily

Tech news from around the web:

News Corp’s  iPad-only publication, the Daily, is averaging about 120,000 readers a week - less than a quarter than the 500,000 users the company said it needed to make money – Bloomberg reports. After the free trial, subscribers pay 99 cents per week or $39.99 a year to read the publication. Read more

From around the web:

  • News Corp has launched its newspaper app for iPads, The Daily, which is available for download in the iTunes store now, VentureBeat reports. Engadget also liveblogged the launch event.
  • The photo sharing iPhone app, Instagram, has raised $7 million in funding and has hit the 1.5 million users mark, Tech Crunch reports.

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With any Virgin launch, it is worth looking for the substance behind the hype guaranteed by Sir Richard Branson’s involvement. Tuesday’s unveiling of Project, billed as the first truly interactive magazine for the iPad age, was no exception.

Joined by Holly, his 29-year-old daughter who is leading the Project, er, project, the bearded balloonist happily played into the hands of reporters who have billed his pitch for Apple’s tablet as a battle of the billionaires with Rupert Murdoch, whose $30m iPad “newspaper”, The Daily, is expected early next year.

“This is not a battle. This is not a war. It’s about the future of publishing,” he said, before adding the jibe that 30 years of reading Mr Murdoch’s papers convinced him that his title would win “the battle of quality”. Read more