Richard Branson unveils digital magazine for iPad

Richard Branson of Virgin Group has launched a digital magazine for Apple's popular iPad tablet computer.

Named Project, the magazine will focus on entertainment, travel, business, design, and culture.

The application needed to view the magazine will be free to download, but each issue will cost $2.99 through iTunes.

The first issue features actor Jeff Bridges on the cover and includes an article on the world's best restaurants, an interactive Tokyo travel guide and an interview with an economist on consumer trends.

"Project is what we like to think of as a living magazine — evolving and updating throughout the month and taking advantage of the iPad's capabilities to deliver a really innovative reader experience," News.com.au quoted a Virgin Digital Publishing spokesperson telling blog PaidContent.

Billionaire entrepreneur Branson, best known for his Virgin Group music, mobile phone and travel empire, teamed up with his 29-year-old daughter, Holly Branson, and veteran men's magazine editor Anthony Noguera to create the magazine.

The launch comes as media companies stage a race to profit from Apple's iPad.

News Corporation is throwing resources at a newspaper for the iPad called The Daily, which could launch as early next year, according to sources cited by The Wall Street Journal.