Apple Acquires Texture Digital Magazine Service, Partly-Owned by Rogers

Apple Acquires Texture Digital Magazine Service, Partly-Owned by Rogers

Apple Acquires Texture Digital Magazine Service, Partly-Owned by Rogers

It's not clear if Apple will charge users to access these magazines, as Texture now charges $9.99 a month for the service.

Apple's senior vice president of Internet software and services Eddy Cue said in a statement that Apple is "committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users".

At this current point, the terms of the new deal haven't been made public, although it does appear that Texture investors will see their investment payoff after the buyout. It was a joint venture between several online publishing companies including Condé Nast, News Corp., and Time Inc.

Of course, while the owners of Texture will be delighted with their payday, but Apple purchasing single app does not mean they have saved the under pressure media industry.

Apple is taking the full company including employees and Apple didn't indicate any plans to change Texture after the deal closes. The remaining $50 million was put up by private equity fund KKR along with BuzzFeed, Vox Media and Imgur.

The acquisition should help Cupertino, Calif. -based Apple reach its target of boosting total revenue from services to over $40 billion by 2020, as it combats slowing demand for hardware including its flagship iPhone.

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"We draw a set of guidelines that are published so everyone in the world can read them", he explained, adding that Apple does draw the line with apps that allow people to buy and sell guns, show animal cruelty or display violence against people. 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.

Texture is a company with similarities to Netflix, and they provide subscriptions to a number of publications for a flat monthly fee.

Cue says everybody has a responsibility in the world, when asked about Facebook's responsibility to curate media: "We're going to step up and do that".

Longtime iOS users may remember that Apple had a previous foray into the magazine subscription space: Newsstand.

Cue stayed evasive on specific plans for new content or enhancements to Apple TV. "We're not trying to just give you the most popular stuff for you but some of the articles that you should be reading".

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