iPad newspaper The Daily is averaging 120,000 readers a week, or less than a quarter of what the company needs to be profitable, reports Bloomberg.

And since that 120,000 figure includes not just paying subscribers but also users trying out the two-week free trial, the number of people paying to read The Daily could be even fewer, Bloomberg says.

Daily owner Rupert Murdoch said earlier this year that half a million subscribers would be the “paper’s” break-even point. With the product soon to be available on Android, subscriber numbers might get a boost, but may still not reach 500,000.

The Daily’s advertising rates may not be helping, either: Bloomberg reports that the “paper” is asking for $1000 CPM, or several times the rate for many high-end publications.

Bloomberg points out that other newspapers with a circulation of 120,000 include The Blade in Toledo and the Democrat and Chronicle in Rochester, NY.