Apple agreed to acquire Next Issue Media, the company behind a digital magazine subscription service app called Texture, as it looks to boost its content offerings.
The app gives users unlimited access to their chosen titles for a flat monthly subscription fee.
“We’re excited Texture will join Apple, along with an impressive catalogue of magazines from many of the world’s leading publishers,” said Eddy Cue, Apple’s SVP 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,” he added.
The move is part of a strategy to build out Apple’s content and services platform, and comes three months after it announced plans to acquire music app Shazam for around $400 million.
Texture, known as the Netflix of magazine publishing, will build on Apple’s existing News app, launched in 2015, which alerts users about stories they are interested in via push notifications and email updates. The app’s subscription costs $9.99 a month, giving users access to over 200 titles including People, Time, GQ and The New Yorker.
“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, Conde Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development,” he said.
Texture reportedly raised at least $90 million — $40 million from the publishers named above and $50 million from KKR plus other investors including BuzzFeed, Vox Media and Imgur.
In 2016, Texture was chosen by the App Store editorial team for the annual Best Of selections, which “celebrate the most innovative apps and games for iOS users”, Apple stated
Texture offer apps for iOS, Android and Amazon Kindle Fire, as well as Windows 8 and 10.
Apple is reportedly acquiring the full company, including employees, and the deal is expected to close soon.