Apple Acquires Texture Online Magazine Subscription Service
Mar 12 2018 by Michele Stevens
Apple is buying the company behind the "Netflix for magazines" idea. It's not clear if Apple will charge users to access these magazines, as Texture now charges $9.99 a month for the service.
Apple Inc will buy digital magazine service Texture, which lets users read titles for a monthly subscription fee, the iPhone maker said on Monday. The app works for Android and iOS devices.
The largely evasive talk, titled "Curation in Media - Why It Matters", took the Austin Convention Centre audience through Apple TV and News strategy.
While Cue said Apple won't be purchasing Netflix (it could if it wanted: Apple is worth over $910bn and Netflix is $25bn in debt), the tech giant recently hired two executives for its grand TV strategy and now has a team of 40 people both based in the U.S. and overseas.
Financial details for Apple's purchase of the entire company were not disclosed, but investment firm KKR spent $50 million for its stake in the company in late 2014, just before it was rebranded as Texture.
Apple's Eddy Cue will be on a panel today at SXSW, so most likely we will hear him discuss this deal. Individual subscriptions to publications like The Washington Post are now available inside News, but this acquisition creates the potential for an official Apple service, similar to Apple Music, that bundles together the various magazine articles included in Texture. "The Texture team and its current owners could not be more pleased or excited with this development".
"I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple", said Loughlin.
Texture's Netflix-style model of subscription service feels like a ideal fit for future integration in Apple News.