Apple buys 'Texture' Magazine Subscription App

Apple buys 'Texture' Magazine Subscription App

Apple previously awarded the app an App Store reward back in 2016.

The announcement solidifies the company's ranking as the No. 2 streaming service behind Spotify, which has 71 million subscribers and 159 million active users, according to its filing last month to become a publicly traded company. Texture now offers access to over 200 magazine titles for a flat monthly subscription price of $9.99.

When asked if the app is cannibalizing existing magazine subscribers, Loughlin said the service is expanding the publishing market, with only about 20 percent of Texture's subscribers dropping print in favor of the digital service. Each issue is available in full but includes special formatting to improve its in-app presentation. The magazine distributor had been owned by investors that included Condé Nast, Hearst, Meredith, Rogers Media and KKR. As reported by TechCrunch, the company has raised over $90 million in funding, including $50 million contributed by external publishers including BuzzFeed and Vox Media.

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Cue shrugged off the suggestion, saying that Apple would rather not invest in an established player, and rather build out its video content in-house as much as possible.

Segall Bryant & Hamill LLC Purchases 6873 Shares of Intel Co
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Apple made its first big push to integrate magazines and newspapers into its devices with an application called Newsstand in 2011.

Apple said it will acquire Next Issue Media and its digital magazine subscription service, Texture, known as the "Netflix of magazines", which bundles about 200 magazine subscriptions into a monthly service.

The deal announced Monday puts Apple in control of a service often described as a Netflix of magazines.

In an online statement about the deal, Cue said: "We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users". Apple hasn't commented on its plans for Texture. "We could not imagine a better home or future for the service". It's now available on iOS, Android, Amazon Kindle Fire and Windows 10. Apple's services business grew more than 20% previous year.

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