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The Economist App For iPhone And iPad Launched

The Economist has released its paid-for magazine subscription application for Apple's range of iOS-based devices.

The model for subscription is similar to the one offered by The Financial Times, which is owned by the Pearson Group that has a 50 per cent stake in the magazine.

The publication said that existing subscribers to the print edition and the website version of the magazine will be able to access the magazine free of charge. The each app version of the magazine will cost £3.49.

Users can subscribe the print version of the magazine for £120 annually or purchase a single issue for £4.

The Economist, which is one of the few publications not to be affected by a decline in circulation, already has 100,000 digital subscribers and plans to reach one million in three years time.

Oscar Grut, the Economist's managing director of digital editions, said in a statement to The Guardian: “Our readers have always preferred the Economist in print because it is a lean-back, immersive reading experience. The internet has not been a threat so far, because it cannot replicate this reading experience.”