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New Yorker iPad app

The New Yorker now has an iPad app available for download. Jason Schwartzman explains:

The NYer app is modeled after the Wired app. The app is free but each new issue is $4.99. Current magazine subscribers appear to have no option but to buy a completely separate issue if they wish to read the magazine on the iPad. As a subscriber, what exactly am I paying for if I already have the content in magazine form? Is the $4.99 simply a convenience fee?