“News Corp.’s The Daily is averaging about 120,000 readers a week, or less than a quarter the number the company said it needs to make money, according to an advertising executive working with the iPad-only publication,” Edmund Lee reports for Bloomberg.

“News Corp., whose Chief Executive Officer Rupert Murdoch personally introduced the publication about eight months ago, may have even fewer paying subscribers since people can read the Daily free for two weeks,” Lee reports. “The 120,000 figure is for so-called unique weekly visitors, which includes people who pay and those who don’t, said John Nitti, executive vice president of Publicis Groupe SA ’s media-buying division Zenith Optimedia. ‘They won’t tell us how many paying subscribers, but that’s how many uniques the Daily is getting,’ said Nitti, who gets figures from the publication because he works with Verizon Wireless, a Daily sponsor that’s owned by Verizon Communications Inc. and Vodafone Group Plc.”

Lee reports, “The Daily’s audience is short of the 500,000 subscribers that Murdoch said in February would allow the publication to break even. After the free trial, subscribers pay 99 cents per week or $39.99 a year to read the publication.”

Read more in the full article here.

[Thanks to MacDailyNews Readers “Lynn Weiler” and “Judge Bork” for the heads up.]