After Texture Acquisition, Apple's Prepping News Subscription Service

After Texture Acquisition, Apple's Prepping News Subscription Service

After Texture Acquisition, Apple's Prepping News Subscription Service

The service could launch later this year, and would be an improved version of the current Apple News app, Bloomberg said. This will be a similar service as major companies will be offering content based on subscriptions.

Last month, Apple announced that it was acquiring Texture, the digital magazine subscription service by Next Issue Media LLC.

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The updated Apple News app, with a subscription offering, plans to launch within the next year, according to Bloomberg. Previously, Apple has Newsstand where it would allow readers to subscribe to individual magazines. Apple has kept the service running after its acquisition but cut around 20 staff. The world's largest technology company is integrating Texture technology and the remaining employees into its Apple News team, which is building the premium service.

If Apple goes through with these plans, it would be treating news similarly to how it treated music around the creation of Apple Music. This offers millions of songs for $9.99 per month, and now has more than 40 million subscribers. Apart from this, Apple is generating revenues from a variety of their services such as Apple Pay transactions, App Store downloads, iTunes music, movie, and TV show purchases, and digital book downloads, reported on Bloomberg.

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Apple News is now a free app that delivers a personalized selection of content from a choice of publishers, with the ability to follow certain topics as well as subscribe to magazines and newspapers directly through news. Apple has said that it is targeting annual service revenue of $50 billion by 2021. Now, it plans to use its platform to launch a premium news subscription by 2019.

Last month, Apple has acquired the magazine app called Texture. "We want the best articles, we want them to look wonderful, and we want them to be from trusted we don't have a lot of the issues going around", Cue said, likely alluding to the issues that Facebook and Google have had to deal with surrounding unverified news stories populating users' feeds.

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