Apple acquiring Texture, the 'Netflix of magazines'

Apple buys Texture, the 'Netflix of magazines'

Texture now offers access to over 200 magazine titles for a flat monthly subscription price of $9.99.

Based on user's interest, the app will direct magazine within its huge catalog portion.

Apple typically doesn't formally announce acquisitions of smaller companies, but its services executive Eddy Cue, who oversees its media efforts, is speaking at the South by Southwest conference this week in Austin, Texas. Apple eyes on expanding services like Apple Music, iBook and much more with this association.

Eddy Cue, Apple's senior vice president of Internet Software and Services said, "We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers".

In early February, Apple revealed that the Apple Music streaming platform had 36 million paying subscribers to its service. The tech giant believed that the segment has been one of the fastest growing revenue streams.

The announcement solidifies the company's ranking as the No. 2 streaming service behind Spotify, which has 71 million subscribers and 159 million active users, according to its filing last month to become a publicly traded company.

He also worked in a plug about Rihanna's recent passing of the 2 billion-stream mark on Apple Music, which was heavily touted over the weekend. The magazine distributor had been owned by investors that included Condé Nast, Hearst, Meredith, Rogers Media and KKR. Next Issue Media is now owned by a group of publishers and other companies including Hearst Corp., Meredith Corp., News Corp. and Rogers Communications Inc. Part of the goal of Apple News and acquiring Texture, he said, is to avoid "a lot of the issues" happening in the media today, such as the spread of inaccurate information on social media. The service will continue to operate as an independent app for the foreseeable future.

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