Consumer electronics giant Apple Inc (NASDAQ:AAPL) is to acquire Texture, a digital magazine subscription service.
The app, often described as “the Netflix of magazine publishing”, offers US-based users unlimited access to more than 200 magazine titles at a cost of US$9.99 a month.
Apple acquires digital newsstand Texture as it doubles down on content 'from trusted sources' https://t.co/mA1m4gFq4x by @ingridlunden
— TechCrunch (@TechCrunch) March 12, 2018
Texture, formerly known as Next Issue, was founded in 2010 and was owned by Next Issue Media, a venture backed by magazine publishers such as Conde Nast, Hearst, Meredith and Rogers Media, plus private equity group KKR.
Respected technology web site, Tech Crunch, said it was not clear what Apple plans to do with the acquisition.
“One area where we could see the product end up is Apple News, where Apple already provides access to a variety of third-party content. More generally, the company has been focusing on a larger premium content play across other mediums, putting a lot of investment into music, video and podcasts. Texture fills out the scope of that vision with reading material,” said Tech Crunch’s Ingrid Lunden.
Similar subscription services are available from Amazon and Google.
“We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users,” declared Eddy Cue, Apple’s senior vice president of Internet Software and Services.
Apple is buying Texture, signaling a harder push into news https://t.co/PJEe5DXL5N
— Mashable (@mashable) March 12, 2018
The price Apple paid to acquire the service was not disclosed.