Apple Acquires Digital Magazine Subscription Service Texture

Apple is buying Texture the'Netflix for magazines

"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, in the same March media release.

Along with the added subscription revenue, the deal makes sense for Apple; its gadgets are as only as valuable as the content they carry.

Texture is owned by Next Issue Media, a joint venture formed by Condé Nast, Hearst Magazines, Meredith Corp, News Corp and Rogers Media. Apple said that the move shows that it is committed to quality journalism from reliable sources.

Cue confirms that Apple just acquired Texture for integration in Apple News.

Considering Apple's emphasis on services and subscriptions, there could be more deals like this in the future. Cue suggested on Monday that Apple would rather build a studio than buy an established content maker.

We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers.

Since 2014, Texture has raised $130 million: $80 million from the media companies that launched it and $50 million from investment firm KKR.

Apple buying the Texture digital magazine service created by a group of publishers that includes Rogers Media.

He didn't say exactly how Texture would be rolled into Apple News. Its replacement, the News app in iOS 9, allows you to follow favorite publications, like or dislike stories, and choose from content curated to your interests.

He went on to explain that Apple traditionally hasn't made many large acquisitions because, in the words of Wayne Gretzky, "you have to skate to where the puck is going, not to where it is".

Cue also said that Apple Music now has 38 million subscribers with 8 million trial users. That could generate upwards of $360 in annual subscription revenue from those users - more than half of the average selling price (ASP) of an iPhone a year ago.

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