Apple acquires ‘Netflix’ of magazines for an undisclosed price

Apple has reportedly signed an agreement, which details out its acquisition of digital magazine service, ‘Texture.’ Dubbed as the ‘Netflix of magazines,’ Texture is known to serve articles from over two hundred different paperbacks on all platforms. The list of supported platforms under Texture’s banner include iOS, Amazon, and Android. Their mechanism works on a flat monthly-fee basis and is a massive hit amongst ardent readers of the market.

If reports are believed to be accurate, then Apple’s acquisition of Texture includes their entire staff as well. The officials at the Cupertino technology giant have assured that the platform will extend its complete support for Android users as well. Unfortunately, the price of the acquisition hasn’t been disclosed as yet.

A little about Texture:

The company was founded back in 2010, and it was initially called ‘Next Issue.’ However, by 2015, it was rebranded to its current name. The platform was mutually established by a group of major magazine publishers, who went on to raise $50 million from interested investing parties. Interestingly, Texture entered the market at a crucial time wherein the magazine industry harbored optimism that the iPad and other tablets would be popular platforms for premium subscriptions as an alternative to the Web.

Here’s the statement offered by Apple SVP Eddy Cue: “We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers. We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”

Even Texture representatives confirmed the news, saying, “I’m thrilled that Apple is acquiring next Issue Media and its award-winning Texture app. The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media, and KKR, could not be more pleased or excited about this development. We could not imagine a better home or future for the service.”