Crazy" for getting involved in an endeavor that was producing low sales and small amounts of revenue. He also explained that he didn't want to work out a deal with Apple which would "mortgage [him] into the future on the basis of getting 2,000 copies sold a month." But since then, studies have shown that Apple iPad users spend $70,000 a day on Newsstand, Apple's online content store.
Similar to app developers, some magazine publishers have made big bucks on Newsstand, while others have brought in practically nothing. Condé Nast saw a 268% increase in online subscriptions after the introduction of Newsstand while Popular Science saw a 13% increase the first week after the content aggregator debuted.
The new Rolling Stone app is now available in iTunes with single issues costing $4.99 which is the same price that the magazine costs on a non-digital newsstand. A subscription over iPad costs $1.99 a month or $19.99 for a full year. Apple keeps 30% of the revenues which was one of the things that bothered Wenner in the first place.
source: iTunes via AppleInsider