Mixing the best of print and digital, "Project Magazine" will be filled with interactive content that will be constantly updated.

PROJECT, the new iPad-exclusive magazine from Richard Branson, launched today in New York. The magazine, whose four main pillars of content are design, entertainment, technology, and entrepreneurs, is Virgin's first experiment with digital publishing, and involves substantial innovation. PROJECT will look like a style magazine, but function like a website – filled with interactive content, including ads, and updated hourly, or in some cases, by the minute.

The non-traditional format of this magazine merits an equally original launch, and that is just what Branson has delivered. As part of the magazine's debut today, the team behind it has launched a competition to redesign the cover. In the image above, Branson is pictured with the four PROJECT mannequins that each hold the coordinate to five USB dead drops located around Manhattan. At each of these dead drops a brief containing all the pertinent information about the competition can be downloaded. The mannequins themselves will be moving around the city for 48 hours checking in a various locations via Foursquare, and posting images of their locations on Gowalla. The top submissions will be featured in a special download available in with third issue, and the competition provides a way for readers to get truly involved with the interactive interface of PROJECT.

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