Apple today announced that it is buying a digital magazine subscription app called the “Netflix of Magazines”. The app provides subscribers access to more than 200 magazines. Apple acquired a service called Texture, that is owned by Next Issue Media.
“We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”
It’s unclear what Apple plans to do with the service, but it could go hand in hand with the company’s Apple News service. With Apple News, the company allows publishers to reach millions of users through its own curated platform. Apple could do the same with this acquisition.
“I’m thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple,” said John Loughlin, CEO of Next Issue Media / Texture. “The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. We could not imagine a better home or future for the service.”