Apple Acquires 'Texture', a Digital Magazine Subscription Service

Known as "the Netflix of magazine publishing", the app named Texture has been acquired by Apple for an undisclosed amount.

Known to some as the "Netflix of magazine publishing", Texture now charges a monthly fee of $9.99 in exchange for its digital newsstand.

At this current point, the terms of the new deal haven't been made public, although it does appear that Texture investors will see their investment payoff after the buyout.

For Apple, Texture is a way to bolster its in-house content and service platform while also filling the gap left by Facebook's decision to back away from news distribution.

At this point, iOS users can download and subscribe to the Texture app in order to access over 200 of the world's most popular magazines. During its fiscal first quarter, Apple saw service-related revenue of about $8.5 billion, which was up 18%, year-over-year. The company would not disclose the purchase price.

While the other two tech giants rely heavily on artificial intelligence to monitor the spread of fabricated or hoax news stories on their platforms, Apple relies on a small US editorial team to curate the contents of its news app that comes pre-loaded on Apple's smartphones.

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But Texture hasn't proven as popular as Netflix, which boasts 55 million subscribers in the US alone.

Some are now speculating that Apple plans to build out their own media operation delivering news and content.

Texture is owned by a consortium of big publishers, as well as private equity firm KKR, which put $50 million into the company in 2015.

Apart from that PR-speak, Apple revealed nothing about what it intends to do with Texture in the press release. What are your thoughts on Apple acquiring Digital Magazine Service Texture?

In separate statements, Apple's senior VP of software and services Eddy Cue and Next Issue Media's CEO John Loughlin expressed their excitement to work with each other.

(Copyright © 2015. All Rights Reserved.)
 
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