Published: Tue, March 13, 2018
Entertaiment | By Lawrence Myers

Apple inks deal to buy the 'Netflix of magazines'

Apple inks deal to buy the 'Netflix of magazines'

Apple has announced that it has signed an agreement to acquire digital magazine subscription service, Texture, at the SXSW media festival in Austin, Texas today.

Meanwhile, Texture was a way for publishers to better transition to the digital age, where modern consumers demand mobile access to content while simultaneously having a lower propensity to pay for individual magazine subscriptions.

For now, the company will continue to operate as usual and will continue to offer its services across all major platforms including Android and Windows 10.

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Apple did not disclose the financial terms of the deal and declined to comment on details of the transaction.

Texture launched back in 2010, and is now owned by Condé Nast, Hearst, Meredith, Rogers Media and KKR. Apple hasn't come forward with what their intentions are with the purchase of Texture, but has since stated that the deal is in order to promote "quality journalism from trusted sources".

Cupertino computing giant Apple will soon be the the owner of a magazine distribution app.

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John Loughlin, CEO of Next Issue Media / Texture: "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple". Private equity firm KKR also invested $50 million in Next Issue Media in 2014.

While Eddy Cue skirted around topics like future acquisitions, Apple's investment in AI and AR, and even the iPhone's affect on our spines, he did admit to Apple's less advanced position when it comes to making TV shows. When discussing the first batch of original programming from Apple, it was safe and not particularly well received, to say the least.

In late 2016, the Alliance for Audited Media (AAM) certified Texture to verify its circulation numbers for advertisers. The streaming music company has over 70 million subscribers, almost double the size of Apple Music. The subscription fee is $6.99 per month, which is offered on an on-going sale. Apple being Apple is being quite tight-lipped about its plans here, so we'll just have to wait to see where this goes.

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Apple has made a few similar acquisitions in the past.

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