The Solomon R. Guggenheim Museum in New York Wednesday witnessed the official unveiling of News Corp's new tablets-specific newspaper - `The Daily' - by the company's chairman Rupert Murdoch. The launch event of `The Daily' was attended by reporters, media executives, employees and advertising partners

With The Daily being the first-of-its-kind digital newspaper aimed specifically at the tablet computers, like the Apple iPad, Murdoch said: "New times demand new journalism. We can and must make the business of news gathering and editing viable again. We're entering a remarkable age of innovation and digital renaissance."

While it is yet not too clear about what kind of consumers The Daily is actually targeting, it has been revealed that the newspaper will essentially be a general interest publication - covering stories about national politics, sports and entertainment, among others - which will refresh every morning.

The Daily - the first subscription product to be available via Apple's iTunes store - will be available at a 99-cents weekly cost or $39.99 annually. Apple will likely take a 30 percent cut in the first year. The first two weeks will be free, thanks to Verizon Communications.

The launch of the Daily, which comes at a time readership of newspapers as well as advertising revenue are witnessing a decline, essentially represents a big gamble that starting a digital organisation from scratch employing time-honored journalists will perk up the traditional news business.