Apple Buys Texture, the Netflix for Magazines

Image Credit Apple

Image Credit Apple

Apple SVP of Internet Software and Services Eddy Cue spoke at the South by Southwest festival on Monday. The firm is collectively owned by media giants Condé Nast, Hearst, Meredith, Rogers Media and KKR. Texture, which gives you unlimited access to different magazines for a single fee, has been billed as something like a Netflix for magazines. For the price of a monthly subscription, users will be able to browse as many magazine titles as they want, assuming that they are part of Texture's catalogue. The company and its current owners "could not be more pleased or excited with this development", said John Loughlin, chief executive officer of Next Issue Media/Texture. He ended up opting instead for the Zinio for Libraries service through his local public library, which offered numerous same magazines for free. At the time when Facebook has very publicly moved away from news and media, Apple appears to be moving further into that space. In Cue's statement, it's clear Apple cares about quality journalism from "trusted sources", so it looks like the company will be making a push in the fake news arguments that rose during the 2016 Presidential election.

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In 2014, Apple acquired the company behind TestFlight, a service that provides app beta deployment and analytics. However, in an interview at the SXSW conference live-blogged by Zac Hall of 9to5Mac, Cue said that Apple plans to integrate Texture's content into Apple News. At this point in time, any financial details of the deal have not been disclosed. For the fiscal year ended September 2017, Apple posted nearly $30 billion in services revenue, comprised of business such as music streaming and mobile payments. "Generally, in the history of Apple, we haven't made huge acquisitions", Cue said.

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