Apple exec Eddy Cue took the stage at SXSW in Austin on Monday to talk about Apple’s latest moves into content. The biggest news of the day is that Apple has agreed to purchase the all-you-can-read magazine subscription app Texture. Cue also talked about Apple’s plans for TV shows and answered questions about purchasing Netflix. Subscriptions are the hot market that everybody wants to dominate these days. We have subscriptions services for TV, music, movie theaters, meal plans, and more. But Texture, an app that offers unlimited access to issues of 200 major magazines for $10 per month, hasn’t really set the world on fire since its initial launch in 2015. Apple seems to think there’s some potential there and it’s agreed to take the app off of Next Issue Media’s hands. No price tag has been announced, but according to Recode, the consortium of publishers like Conde Nast, Hearst, News Corp and Meredith were all happy with the deal. Investment firm KKR put $50 million into the company in 2015, so that seems like a reasonable minimum for what Apple might have paid. Cue didn’t give a lot of specifics about Apple’s plans for Texture. According to the Hollywood Reporter, he told the audience at SXSW that magazines offer incredible content and design through the Texture app and “we’re really excited about bringing that into Apple News.” That could mean Texture will be fully wrapped into Apple News, or it might just integrate certain design elements. You might recall… [Read full story]
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