News Corp's The Daily could be shuttered over disappointing subscription sales

The Daily, an iPad and iPhone exclusive digital magazine maybe coming to an end, due to disappointing sales. The publication needed 500,000 subscribers to break even but failed hitting the target big time. According to Bloomberg, the Daily's subscription rate has been stuck at around 120,000 readers since last September and stayed there even after the launch of an iPhone client that costs half as much as the iPad version.

Despite consistently being one of the highest grossing apps on the App Store, The Daily is still costing News Corp. around $30 million a year.

Here is a quote from The New York Observer:

There are internal rumors that The Daily has been put “on watch.” According to a source the status of the groundbreaking iPad tabloid—which loses $30 million a year—will be reassessed after the November 6 election.

At $40 a year, The Daily is a pretty tough sale, considering that consumers prefer cheaper or free web services, especially in the current economic climate.