Monday, 19 March, 2018

Apple buys digital magazine distributor Texture, says it's committed to quality journalism

Apple Senior Vice President Eddy Cue who runs its media business    
   Asa Mathat Apple Senior Vice President Eddy Cue who runs its media business Asa Mathat
Theresa Hayes | 12 March, 2018, 19:57

Apple is taking the full company including employees and Apple didn't indicate any plans to change Texture after the deal closes.

The company was later rebranded as Texture and it now boasts of more than 200 titles from publishers Condé Nast, Hearst, Meredith and Rogers Media, who are all among the owners.

The service, which launched under the name Next Issue in 2010, allows subscribers to read dozens of magazines on their tablet for one monthly price, typically $9.99 in most markets. Within its large catalog, the app curates magazine articles based on the user's interests. The segment has been one of its fastest-growing across all its revenue streams; the services segment revenue grew 18 percent in the company's most recent quarter compared with the same period a year ago, only behind the "other devices" segment - which includes Apple Watch, AirPods, and Apple TV - at 36 percent. Texture will continue to offer iOS, Android, Amazon Kindle Fire, and Windows 10 apps.

Apple's purchase of Texture signals the Cupertino tech giant's expansion of its services segment, which includes Apple Music, iBooks and other services. What are your thoughts on Apple acquiring Digital Magazine Service Texture? "The Texture team and its current owners could not be more pleased or excited with this development". It's likely that the app will operate as is at least for the time being, but Apple could eventually integrate magazine subscriptions directly into Apple News. When asked about Apple's plans for AR beyond the iPhone, Cue suggested hat his job security depended on not talking about future products - apparently the video service doesn't count - so he wouldn't answer questions about them.