Apple buys 'Texture' Magazine Subscription App

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Texture now offers access to over 200 magazine titles for a flat monthly subscription price of $9.99.

The deal may help Apple boost relations with news outlets that have become wary of Facebook and Google.

Texture's Chief Executive Officer, John Loughlin said, " I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple".

Apple announced on Monday it is buying digital magazine subscription service Texture, adding to the side of its business aimed at making money from online content or services.

Texture is owned by Next Issue Media, a joint-venture between the publishers Condé Nast, Hearst, Meredith, Rogers Media and private equity firm KKR. 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.

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Favourable tax rate While iPhone sales are at the heart of Apple's money-making machine, the company has taken to spotlighting revenue from the App Store, iCloud, Apple Music, iTunes and other content and services people tap into using its devices.

This is not the first time that Apple has made an acquisition in magazine publishing.

On stage at SXSW, Apple Senior VP of Internet Software and Services was asked if those investments meant that it would buy a major player like Netflix or Disney. The app may also mark a revival of Apple's abandoned "Newsstand" product, a marketplace for newspaper and magazine apps. The amount that the company paid in order to acquire Texture has not been disclosed.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Eddy Cue, Apple's senior vice president of Internet Software and Services. In a statement, Apple said it is "excited" to be purchasing Texture. Its app will continue to be available for mobile operating systems iOS, Android, Amazon Kindle Fire, and computer operating systems Windows 8 and Windows 10.

Texture will join a stable of Apple subscription options that are anchored by the company's music-screaming service, which has 36 million subscribers. Once the acquisition completes, Apple will purchase the service and its employees.