A report from Distimo suggests iPad Newsstand apps are generating US$70,000 per day for Apple and its top 100 participating publishers less than six months after the category debuted in iOS 5. Not surprisingly, the top grossing apps are The Daily, the NY Times for iPad and The New Yorker Magazine.

Though it pales in comparison to some categories like Games which generates millions of dollars in revenue, the growth in the Newsstand category is a sign that magazine and newspaper apps have potential, especially on a tablet device like the iPad.