Apple acquires Texture, a subscription service that lets users consume all or part of more than 200 magazines. The service works on both Apple and Android devices, and Apple says that won’t change after it completes the transaction.
Texture is owned by a combination of big publishers, as well as private equity firm KKR, which put $50 million into the company in 2015.
Texture was first assembled in 2009 and launched in 2012 as Next Issue Media. It was an attempt for big publishers to make their own version of Netflix or Hulu, and give them control of digital distribution instead of being cut out by Apple or Google.
It eventually rebranded the service and de-emphasized the concept of magazines. It innovated the idea that in $10-a-month subscription consumers can access to the world’s best articles, curated based on your particular interests.
Boosting the Apple news and magazine
This deal helps Apple to boost relationship with news outlets that have become wary of Facebook Inc. and Google.
Eddy Cue, Apple’s senior vice president of Internet Software and Services said that they are excited, about Texture will join Apple, along with an impressive catalog of magazines from all around the world of the leading publishers, they are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.
John Loughlin, CEO of Next Issue Media / Texture said that he was thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple,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. They could not imagine a better home or future for the service.