Apple has announced that they’ve signed an agreement to acquire Texture, which has been called the “Netflix of magazines.”
The Texture service gives users unlimited access to their favourite magazines for a monthly subscription fee of around $10 per month.
Texture offers more than 200 magazines from Time Magazine and Consumer Reports to The Hollywood Reporter and Bloomberg Businessweek with new titles being added all the time.
“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.”
The Texture service launched back in 2010 (as Next Issue, before rebranding as Texture in 2015) and gives users access to some of the most widely read magazines to read on the go.
“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.”
Apple hasn’t said what will happen to Texture’s existing apps and service which are currently available on Android, Windows 10, in addition to iOS. As well as how Apple plans to do with Texture.
The exact details of the acquisition of unknown at this point.