Apple buying digital magazine service Texture, a boost subscription services revenue

A man looks at the screen of his mobile phone in front of an Apple logo outside its store in Shanghai China

The digital magazine subscription service that has been compared to Netflix charges subscribers $9.99 a month to access more than 200 e/print titles.

Known to some as the "Netflix of magazine publishing", Texture now charges a monthly fee of $9.99 in exchange for its digital newsstand.

With addressing fake news a major focus for tech companies and Apple's commitment to rapidly growing its services revenue, this deal could have a lot of potential.

Texture is owned by Next Issue Media, a joint venture formed by Condé Nast, Hearst Magazines, Meredith Corp, News Corp and Rogers Media.

Mr. Evans highlighted the quote from Cue emphasising the "quality journalism from trusted sources", calling it "rather revealing" and "quite clever positioning".

It's possible that at some point, Apple may integrate aspects of Texture into its News app.

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"We don't try to sell the most smartphones or tablets in the world - we try to make the best one", Cue said.

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.

At the conference, Cue said Texture is "beloved" by iPad customers and said users of the existing Apple News service follow more than 20 publications, up from four a couple of years ago. The company, it appears, has raised at least $90 million - $40 million from the publishers, and an additional $50 million from KKR and other investors that include BuzzFeed, Vox Media and Imgur. It's not clear how large Texture's subscriber base now is, but CEO John Loughlin told the New York Post in 2016 that the service had "hundreds of thousands" of paying subscribers.

Users can read magazines on up to five devices in a single subscription. "Generally, in the history of Apple, we haven't made huge acquisitions", Cue said.

It's not clear how many users Texture had.

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