Apple Buys The 'Netflix For Magazines'

Dylan Byers and Eddy Cue on stage at SXSW 2018

Texture acquisition comes as Apple tries to ramp up its services business which already includes Apple Music and the App Store.

Next Issue Media LLC, owner of Texture, hired investment bank Moelis & Co.in the past year to advise on a sale process, said the person, who asked not to be identified because the matter is private.

Apple said it will acquire Next Issue Media and its digital magazine subscription service, Texture, known as the "Netflix of magazines", which bundles about 200 magazine subscriptions into a monthly service. Before it rebranded in 2015, it was a joint venture by Condé Nast, Hearst, Meredith, News Corp., Rogers Communications, and Time Inc., which founded the app and Next Issue Media as an effort to monetize digital media, the Verge reports. As reported by TechCrunch, the company has raised over $90 million in funding, including $50 million contributed by external publishers including BuzzFeed and Vox Media.

The Texture deal signals Apple's latest move to develop content-related services and platforms. It's possible Apple will end up incorporating elements of Texture into an expanded News service.

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.

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In other words, Cue said Apple is focused on the next big thing, rather than the thing that is big now.

Apple announced on March 12 that it has acquired Texture for an undisclosed sum.

Eddy added, "We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users". Apple and representatives from Texture didn't respond to requests for comment. The service will continue to operate as an independent app for the foreseeable future.

The Texture app is available for iPad, iPhone, Android devices and Amazon Fire tablets.

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