Apple has announced it’ll soon have ownership of Texture, a popular digital magazine subscription service that’s been dubbed the “Netflix of magazines.” The Cupertino-based company didn’t specify how much its buying Texture for, but a deal is expected to be closed soon between the two parties.
The reason Texture is known as the “Netflix of magazines” is due to its business model. By paying $9.99 per month, users are able to access over 200 different digital magazines from The New Yorker to People to Time. It allows you to enjoy each title without paying for them individually, similar to how Netflix or a music streaming service like Spotify works. It’s been in business for roughly eight years now and its current owner, Next Issue Media, will join Apple as well.
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.
“We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifull designed and engaging stories for users.”
“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. “The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. We coud not imagine a better home or future for the service.”
For now, things remain unclear as to what Apple has planned for tExture in the future. In Cue’s statement, it’s clear Apple cares about quality journalism from “trusted sources,” so it looks like the company will be making a push in the fake news arguments that rose during the 2016 Presidential election. We’ll also likely see Texture’s features being implemented in Apple’s own News app as another source of information. Of course, Texture will also remain operating its own mobile apps for Android, iOS, Windows 10, and Amazon Fire.
We’ll let you know of any additional information surrounding this acquisition.