Culture

Apple Buys Texture, the Netflix for Magazines

Apple Buys Texture, the Netflix for Magazines”

Apple typically doesn't formally announce acquisitions of smaller companies, but its services executive Eddy Cue, who oversees its media efforts, is speaking at the South by Southwest conference this week in Austin, Texas.

"I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple", said John Loughlin, CEO of Next Issue Media / Texture.

The app Texture is often called 'the Netflix of magazine subscriptions, ' allowing users to read publications from all across the country for a low-priced monthly fee.

Apple is to buy the digital magazine service Texture, which lets users read titles for a monthly subscription fee. 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 reported by TechCrunch, the company has raised over $90 million in funding, including $50 million contributed by external publishers including BuzzFeed and Vox Media.

There is no word on what Apple intends to do with the purchase. It's likely that the app will operate as is at least for the time being, but Apple could eventually integrate magazine subscriptions directly into Apple News. It's possible Apple will end up incorporating elements of Texture into an expanded News service. Apple's decision to acquire Texture could significantly boost the service, which was reported to have 150,000 subscribers in 2014.

Another source familiar with the matter said Apple had to renegotiate Texture's content deals because those deals were both with the magazine publishers that owned the startup as well as some publishers with no ownership stake. Apple hasn't commented on its plans for Texture. "We could not imagine a better home or future for the service".

The Texture app is available for iPad, iPhone, Android devices and Amazon Fire tablets. Once the acquisition completes, Apple will purchase the service and its employees.



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