Apple To Acquire Digital Magazine Service Texture

Apple acquires 'Netflix for magazines' app Texture

Apple acquires 'Netflix for magazines' app Texture

Apple said it is acquiring Texture, a digital magazine service that lets users subscribe to more than 200 magazines for $9.99 (roughly Rs. 650) a month.

The Texture magazine app features Vanity Fair, the New Yorker, Elle and other titles. Each issue is available in full but includes special formatting to improve its in-app presentation. "The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development". 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. The transaction included an upfront payment, as well as significant licensing fees to publishers, the person also said. It replaced that with the more comprehensive Apple News service a couple of years ago. It's possible Apple will end up incorporating elements of Texture into an expanded News service. Apple and representatives from Texture didn't respond to requests for comment.

Apple announced on March 12 that it has acquired Texture for an undisclosed sum. "We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Eddy Cue, Apple's senior vice president of Internet Software and Services.

Eddy added, "We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users". "We could not imagine a better home or future for the service".

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

On stage at SXSW, Apple Senior VP of Internet Software and Services was asked if those investments meant that it would buy a major player like Netflix or Disney.

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