Monday, 20 August, 2018

Apple to buy 'Netflix for magazines' Texture

Texture  Apple Texture Apple
Judith Alexander | 13 March, 2018, 11:21

Speaking out about the pending acquisition, Apple's senior vice president of Internet Software and Services, Eddy Cue said...

"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", said Next Issue Media John Loughlin said in a statement.

The reason Texture is known as the "Netflix of magazines" is due to its business model. It's not clear how large Texture's subscriber base now is, but CEO John Loughlin told the New York Post in 2016 that the service had "hundreds of thousands" of paying subscribers.

"We don't try to sell the most smartphones or tablets in the world - we try to make the best one", Cue said. While the Texture app will likely remain the way it is into the near future, Apple does have a track record of scaling back and then discontinuing acquisitions after they've integrated the technology into their own service.

Customers view an Apple Inc. iPad Pro tablet at the company's Williamsburg store in the Brooklyn borough of NY.

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Apple said it was "committed to quality journalism from trusted sources". It debuted in 2012 on the digital front as Next Issue Media, and it was essentially thought of as a Netflix for magazine readers.

The $9.99 a month service provides downloads of marque titles like like Time, Esquire, People, Fortune, Elle, Vanity Fair, GQ and The New Yorker.

Apple made its first big push to integrate magazines and newspapers into its devices with an application called Newsstand in 2011. In a bid to add more credibility to trusted sources, Apple announced that they are buying Texture, a digital newsstand company.

Apple already runs a music-streaming subscription service and has been commissioning new television content, leading to speculation that it might launch a rival to Netflix.

We'll let you know when video of the interview is available for viewing.

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