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Apple to buy 'Netflix for magazines' Texture

Apple to buy 'Netflix for magazines' Texture

Cue announced during his conversation that Apple is acquiring Next Issue Media LLC and its digital-magazine-subscription service Texture, a product developed by top magazine companies that bundles together some 200 subscriptions into one monthly service at $10 a month.

Apple on Monday bought Texture, a media aggregation app that now allows access to a wide range of publications for a monthly fee of $10 a month.

Texture, offered via the app stores of Apple, Google and Amazon.com Inc., bolsters Apple's efforts in online services and media, Bloomberg reports.

Financial terms of this deal are not being revealed, and Texture has never disclosed its valuation.

Texture launched back in 2010, and is now owned by Condé Nast, Hearst, Meredith, Rogers Media and KKR. Apple said that the move shows that it is committed to quality journalism from reliable sources. Apple had chose to buy magazine subscription startup Texture from its group of publisher owners.

"I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple", said John Loughlin, CEO of Next Issue Media / Texture, in a statement.

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In the discussion, Apple's purchase of Texture through Apple Music was discussed, free speech, healthcare, live TV and the company's venture into video content. Private equity firm KKR invested $50m in the company in 2015. It's not clear how large Texture's subscriber base now is, but CEO John Loughlin told the New York Post in 2016 that the service had "hundreds of thousands" of paying subscribers.

A year ago, Apple News users followed four publications.

Rarely do a few years go by without Apple buying some type of publishing or subscription platform.

Longtime iOS users may remember that Apple had a previous foray into the magazine subscription space: Newsstand.

TechCrunch pointed us to a series of tweets from writer Alex Heath, who was in attendance when Eddie Cue, the aforementioned SVP of Internet Software and Services, spoke to the crowd.


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