The Daily Has Lost $10 Million

Rupert Murdoch’s iPad newspaper lost $10 million in its first quarter, which could explain why so many journalists have been leaving it so soon.

That’s about the same as what Newsweek lost in the quarter before it was sold to Sidney Harman, reports BusinessInsider (though obviously we must take into account the Daily’s one-time startup costs).

It’s also a tenth of what Condé Nast spent to launch Portfolio.

That’s still pretty expensive, and is expected to get more so: News Corp. president Chase Carey said on the company’s conference call today that the company expects to invest another $20 million into the tablet by the end of June.

How much time execs are giving the new product before they pull the plug is anyone’s guess, but at least publicly, they’re hinting at a long run: “It’s only a month-plus that it’s been pay-based. It’s actually one of the most downloaded news apps out there. It’s a work-in-progress, we’re proving the technology, refining the content – the tablet market is still in its infancy,” Carey told paidContent during the call. Translation: We’re at least pretending to give it a chance, so you should too.