Apple’s Newsstand is only about 6 months old, but it’s already raking in a decent amount of cash for media publishers. According to a new report, iPad owners are spending $70,000 per day for content in the iOS 5 Newsstand.
Consumers are buying subcription-based content from publications like The New York Times, The New Yorker, and The Daily. Unsurprisingly, the majority of revenue is coming from in-app purchases.
According to Distimo, news apps account for 7% of the top 200 grossing apps for the iPad. While the revenue is nice for publishers, $70,000 per day isn’t exactly saving the publishing industry. For a more dismal take, consider that Apple has sold over 65 million iPads, so that means the average iPad owner spends less than $0.01 per day in Newsstand. Ouch..