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Apple is buying the ‘Netflix of magazines’ for an undisclosed amount

Apple is buying a digital magazine subscription service known as the Netflix of magazines, which lets readers access over 200 magazines for a monthly fee. The acquisition of the service Texture, owned by Next Issue Media, comes at a time when news publishing as an industry is being shaken up by fake news accusations and Facebooks changing algorithms in ways that prioritize friend activity over brands. The bridge between tech companies and journalism continues to narrow with Apples latest purchase. Apple already delivers curated news from third-party publishers through its Apple News platform. In a statement, Apples SVP of internet software and services, Eddy Cue, said, We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users. It might also be an effort on Apples part to match competitors like Google, which offers news through its Play Store, and Amazon, which has its own subscription reading services. Apple is buying the entirety of Next Issue Media and bringing on its full staff, with the deal expected to close soon, according to TechCrunch. Texture will continue to offer iOS, Android, Amazon Kindle Fire, and Windows 10 apps. Details of how much Apple is buying Texture for remain undisclosed. Apple previously chose the Texture app as one of its most innovative iOS apps back in 2016. Texture is owned 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. Texture costs $9.99 a month and offers access to magazines including The New Yorker, People, Time, and GQ.

Apple acquires digital newsstand Texture as it doubles down on content ‘from trusted sources’

As the debate continues over fake news and the role that aggregators like Facebook have played in spreading it, Apple is making an acquisition that could help it lay out a position as a purveyor of trusted information. The iPhone maker is buying Texture, a magazine virtual newsstand thats known as the Netflix of magazine publishing that gives readers access to around 200 magazines for a monthly fee of $9.99. Were excited Texture will join Apple, along with an impressive catalog of magazines from many of the worlds leading publishers, said Eddy Cue, Apples senior vice president of Internet Software & Services, in a statement. We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users. From what we understand, Texture — formerly known as Next Issue — will continue to operate as is with no changes — meaning that it will continue to offer apps for iOS, Android, Amazon Kindle Fire and Windows 8 and 10. Apple is acquiring the full company, including employees, and the deal is expected to close very soon. Im 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, in a statement. 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. Apple has made a number of acquisitions that are adjacent to the area of publishing and media that Texture focusses on — they include Spotify/Pandora competitor Beats for Apple Music, and BookLamp, which we described as the Pandora for books when we broke news of that acquisition. Texture, it seems, is the first that it has made directly in the area of magazine publishing. Financial terms of this deal are not being revealed, and Texture has never disclosed its valuation. Before it rebranded in 2015, Texture (then known as Next Issue Media) was a joint venture between Condé Nast, Hearst, Meredith, News Corp., Rogers Communications, and Time Inc. The company, it appears, has raised at least $90 million — $40 million from the publishers, and an additional $50 million from KKR and other investors that include BuzzFeed, Vox Media and Imgur. Texture, and before it Next Issue, has been around since 2010. It was launched at a time when a number of other digital newsstands were hitting the market. Tapping into the new popularity of apps and the belief that these would become the primary way that consumers would read newspapers and magazines, publishers also believed that this could be a key way for them to better monetise their content, after missing the boat both on paywalls for online content and reaping large benefits from online ads, areas where large aggregators like Google largely reaped the rewards. Its not clear how many users Texture had. An article from 2014 estimated the number at 150,000, while this story from 2016 noted it was in the several hundreds of thousands with 50 percent growth expected in the coming years. The company had also struck deals with a number of third parties like Sprint to bundle the service with subscriptions as a sweetener for consumers to opt for their service over that of other mobile carriers. Nor is it clear what Apple intends to do with Texture longer term. One area where we could see the product end up is Apple News, where Apple already provides access to a variety of third-party content. More generally, the company has been focusing on a larger premium content play across other mediums, putting a lot of investment into music, video and podcasts. Texture fills out the scope of that vision with reading material. Apple, of course, once had a Newsstand of its own — specifically its own native app that went by that name. The service never really took off, and Apple eventually killed that product and folded it into Apple News. One reason that this is different is that it will essentially bring lots of magazines into a single format rather than offering a marketplace of essentially different magazine and newspaper apps, which seems to have been one of the pain points of the original Newsstand from the perspective of users and publisher developers. Newsstand was a terrible idea as it pushed publishers to all make (or license) their own awful apps instead of building to a standardized format like fixed-layout ePub 3 (which didn't exist at the time). Terrible experience for users to need a different app for each magazine (I have to say, it was never really clear who mandated that format at the time: it could easily have been Apple and the technical limits of the time when Newsstand first emerged in 2011, although there were other apps that also worked around that. It could easily have been publishers who thought building from the ground up, similar to their own vertically-integrated printing organisations, was the way ahead.) But in another sense, this acquisition is also simply table stakes for companies like Apple. Amazon launched its own subscription services last year, and Google of course also offers a newsstand of sorts via Google Play, so this is also about keeping up and making sure that it, too, continues to provide what all device owners increasingly want and expect. Apples Cue also took to the stage at SXSW in Austin today, whee he talked a bit about Textures place in Apples news efforts and the companys wider media and content strategy.