Apple buys magazine app Texture that's partially owned by Rogers

Texture was launched in 2010

Texture was launched in 2010

In 2010, Next Issue Media launched Texture with a consortium of publishers including Condé Nast, Hearst and Meredith to replicate the success of the unlimited model that's successful in other forms of media, like TV and movies. Texture, which gives you unlimited access to different magazines for a single fee, has been billed as something like a Netflix for magazines.

Apple Inc. said it is acquiring Texture, a digital magazine service that lets users subscribe to more than 200 magazines for $9.99 a month.

Users can read magazines on up to five devices in a single subscription.

Texture is available on both iOS and Android, and Apple says it won't take down its Android platform, according to Recode.

While Cue said Apple won't be purchasing Netflix (it could if it wanted: Apple is worth over $910bn and Netflix is $25bn in debt), the tech giant recently hired two executives for its grand TV strategy and now has a team of 40 people both based in the U.S. and overseas. The segment has been one of its fastest-growing across all its revenue streams; the services segment revenue grew 18 percent in the company's most recent quarter compared with the same period past year, only behind the "other devices" segment - which includes Apple Watch, AirPods, and Apple TV - at 36 percent.

Apple's Eddy Cue will be on a panel today at SXSW, so most likely we will hear him discuss this deal. "The Texture team and its current owners could not be more pleased or excited with this development".

You can download Texture from the App Store for free. "We don't try to sell the most smartphones in the world; we don't try to sell the most apps, we try to make the best one".

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