Richard Branson has launched a new iPad-exclusive magazine called 'Project' this week.

The, er, digital project was announced last week but now it is available on the Apple App Store

The Virgin founder declared at the launch of the new digital magazine that "the future of publishing lies in apps not on shelves."

From Student to Project

Branson nostalgically recalled launching a youth culture magazine called 'Student' with a school friend at the tender age of 16.

"The world has moved on in many, many ways since Johnny (Gems) and myself launched Student," Branson recalled at the launch of the iPad magazine at Manhattan's Crosby Street Hotel in New York.

The entrepreneur hopes that Project will become "the first truly digital magazine about creative people for creative people," Branson told reporters gathered at a press conference.

Editor Anthony Noguera (formerly of FHM) said that the magazine will have around 100 pages of content which will "change daily, even hourly."

Project is being put together by Virgin Group in partnership with UK publisher Seven Squared, and will cost $2.99 per issue.

Tron: Legacy star Jeff Bridges will feature on the cover of the inaugural issue.

As far as advertising goes, Branson added: "You can actually make advertising really good fun to delve into. think from an advertiser's point of view, it's going to make advertising a thousand times more effective than it was in the past."

Rupert Murdoch is set to launch a new tablet PC newspaper called 'The Daily' later this month (although there are talk of delays), set to cost subscribers 99 cents a week.

Via Reuters