Apple To Acquire Digital Magazine Service Texture

Sheri Evans
March 15, 2018

Like Apple, Texture is owned by many big publishers such as Nast and Hearst. The app is now run by Next Issue Media, owned by a group of publishers and other companies including Hearst Corp., Meredith Corp., News Corp., Rogers Communications.

As the debate continues over fake news and the role that aggregators like Facebook have played in spreading it, Apple is making an acquisition that could help it lay out a position as a purveyor of trusted information.

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

Eddy Cue, Apple's senior vice president for internet software and services, announced at South by Southwest on Monday that the streaming music service now has 38 million subscribers. "We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users".

Since it was launched in 2010, Texture has become of the leading multi-titles subscription service that gives users access to some of the most widely-read magazines in the world. "We could not imagine a better home or future for the service". For now though, we can only hope that this acquisition leaves nothing but the expected outcome for Apple. In 2014, the company acquired PRSS, which led to the creation of Apple News. With Texture, users enjoy the magazines they know and love, while discovering new content that fits their passions and interests.

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The Stockholm company has 71 million paying subscribers - a number it last updated at the end of 2017.

Nor is it clear what Apple intends to do with Texture longer term.

Of course, there's a learning curve for anyone trying to take on traditional TV, even for Apple. More generally, the company has been focusing on a larger premium content play across other mediums, putting a lot of investment into music, video and podcasts.

Apple has been keeping this service on their sights since 2016, actually. The Cupertino, California, company aims to top $50 billion (roughly Rs. 3.24 lakh crores) in annual services revenue by 2021, and a magazine subscription service would likely contribute to that.

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