Remember all that talk about how The Daily would be the saviour of traditional journalism and revolutionise the ailing publishing industry?
Well, the first figures are in and it looks like the revolution is getting off to a pretty slow start, as the tablet-only publication notched up $10 million in losses during its first quarter in business.
NewsCorp's The Daily launched to grand fanfare at the start of the year, promising a compelling mix of in-depth reporting and rich multimedia content for iPad users.
But NewsCorp's latest quarterly reports indicate The Daily has cost the company $10 million during its early operations, and that's not even taking into account the $30 million that was spent developing the concept prior to launch.
User numbers are moderately impressive, with 800,000 having so far downloaded the iPad app, though NewsCorp doesn't say how many were simply checking out the free trial and not putting any money down.
To be fair, those losses are probably more an indication of how ambitious NewsCorp is being with The Daily rather than any kind of proof that the concept isn't viable. The company has spared little expense in putting together a comprehensive and talented team to maximise the digital publication's potential, and it may take time for that potential to be realised.
But we're also willing to bet that should things not pick up before too long, a good few members of that talented team will be starting to look over their shoulders nervously.