Apple Buys Into Magazine Media with Texture Acquisition
What's next for the "Netflix of magazines?"
Apple announced that it will acquire digital magazine subscription service Texture, adding another service into its repertoire of monthly-billed entertainment. Texture offers subscribers unlimited access to over 200 magazines, including titles such as The New Yorker, ESPN Magazine, Time and National Geographic.
The terms of the deal were not disclosed.
Having launched in 2010, as Next Issue, Texture was created in a collaborative effort by Condé Nast, Hearst, Meredith, News Corp., Rogers Communications and Time Inc., to provide a place for readers to access stories and entire issues of familiar titles while also introducing them to new publications.
Eddie Cue, Apple’s senior vice president of Internet Software and Services, says in a statement that they are “committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”
Newsstand, Apple’s built-in iOS app that was an attempt at an all-in-one digital magazine and newspaper destination, was discontinued in 2015 after a six-year attempt in the industry. In 2016, however, Texture was selected by the App Store as one of the most innovative apps/games in its annual “Best Of” app selection, proving that a one-stop magazine stand was possible–if done correctly. For $9.99/month, users are given access to all monthly publications, and for $14.99/month, access to additional weekly magazines.
“We could not imagine a better home or future for the service,” says John Loughlin, CEO of Next Issue Media/Texture.
Back in December, The Post along with others speculated that the “Netflix of magazines” could be up for sale, but potential buyers were unclear then.
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