Formerly known as Next Issue Media, Texture allows readers access to about 200 magazines for $9.99 per month. Apple will reportedly leave Texture untouched, allowing the app to continue to be offered for iOS, Android, Amazon Kindle Fire and Windows 8 and 10.
The Texture acquisition follows Apple's $400 million deal to buy the music recognition app Shazam. The app is now run by Next Issue Media LLC, owned by a group of publishers and other companies including Hearst Corp., Meredith Corp., News Corp., Rogers Communications Inc.
Apple (aapl) already has a free news and magazine reader called Apple News, which aggregates news articles from multiple sources and displays them in an easy to read app. People can also buy individual subscriptions to specific magazine titles through Apple News.
USA tech giant Apple is buying magazine aggregating service Texture from a consortium of publishers including Rogers, for an undisclosed sum.More news: IPO Watch: Dropbox A Blockbuster?
Owned by a consortium of big publishers and private equity firm KKR, Texture was first put together in 2009. Since earmarking $1 billion for new shows last summer, Apple has been targeting Hollywood A-listers as it prepares its slate of original programming. The company would not disclose the purchase price. 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. The streaming music company has over 70 million subscribers, almost double the size of Apple Music.
Although the publications in question remain owned by their respective publishing houses, Apple has gained control of an important delivery mechanism. "We could not imagine a better home or future for the service".
Regardless, it's feasible that we may see Apple emerge as a new voice in the battle against misinformation online.
The company didn't say how much it paid for Texture, but the move marks Apple's second reported acquisition of the calendar year.