Apple Buys Texture Digital Magazine Service

13 March 2018, 05:44 | Shawn Tate

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Apple is buying a digital magazine subscription service known as the "Netflix of magazines", which lets readers access over 200 magazines for a monthly fee.

Texture charges $9.99 a month for access to monthly publications like Vogue and Cosmopolitan, and $14.99 a month for weeklies like the New Yorker. According to TechCrunch, Apple plans to let the company and app (which is available on iOS, Android, Amazon Kindle Fire, and Windows) continue to operate as they do now. Although the deal is expected to close soon, the financial terms have not been disclosed and Texture has not revealed a valuation.

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. In 2015, the app changed& amp; amp; nbsp;its name to Texture, while the venture continued to operate as Next New Media. The app works for Android and iOS devices.

Apple has not disclosed how much it paid to acquire Texture, but the company has raised $40 million Dollars from publishers, as well as an additional $50 million USD from KKR and other investors including BuzzFeed, Vox Media and Imgur.

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Eddy Cue, an Apple senior vice president, announced the Texture acquisition at the South by Southwest conference in Austin, where he called out bogus stories on social media. Netflix may control web and app areas, but Apple is the only company that has nearly full control over both hardware and software that its videos will appear on. He oversees both iTunes and Apple Pay, and services including Apple News.

Apple has purchased other media-focused companies, such as Beats for $3 billion and BookLamp, which was then touted as a "Pandora for books", for as much as $15 million in 2014.

Texture was first assembled in 2009 and launched in 2012 as Next Issue Media.

The traditional publishing industry has taken a beating in recent years, but it just received a vote of confidence from Apple Inc.

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