Apple’s latest acquisition “Texture” (formerly known as ‘The Next Issue’) attempts to monetize magazines as digital media.The idea is simple; for $9.99, users gets access to over 200 quality magazines. This includes The New Yorker, People, Time, and GQ.
Texture was previously owned by Condé Nast, Hearst, Meredith, News Corp., Rogers Communications, and Time Inc. It has always been secretive about its valuation but back in 2015, before it rebranded, the company raised at least $90 million ($40 million from publishers and $50 million from investors).
What’s in it for Apple?
Being a trusted provider of information is a key for tech giants in this day and age. Google (with Google news) and Amazon (Subscribe with Amazon) are in the frame with Facebook but Apple’s newsstand didn’t turn out as they expected. It was transformed into Apple News, populating which is probably the future of ‘Texture’. We can expect the hassle of a separate app for each magazine being resolved in the Apple ecosystem.
It seems Texture will continue its services for iOS, Android, Amazon Kindle Fire and Windows 8 and 10.
John Loughlin, CEO of Next Issue Media/Texture, in a statement said, “…We could not imagine a better home or future for the service.”