The Guardian’s media page reports that the new iPad app for the Financial Times has already brought in more than £1 million in advertising revenue. For most newspapers, an age of falling circulation and a migration towards online advertising is hitting their long-established revenue streams from adverts in print editions.

The FT has been hugely active in finding extra revenues - from raising their cover price to £2 (demand is price inelastic) to organising live events and exploring digital opportunities including a pay wall for their online news and analysis. The app was launched in May and serves more than 400,000 paying subscribers. Interestingly the FT iPad app seems to be more popular and lucrative than the iPhone equivalent. The deep penetration of the iPad among leading corporates (alluded to by Steve Jobs in an analysts’ conference call yesterday) may have something to do with this. Lots of executives seem to have added the FT app to their portfolio. Have they added the New York Times? Perhaps now they will - it has been redesigned and industry insiders claim that Steve Jobs was a driving force behind the revamp! More here.