Apple to acquire Texture, the 'Netflix for magazines'

Eddy Cue, Apple's senior vice president of Internet Software and Services, sat down with CNN's Senior Media Reporter Dylan Byers today at SXSW to discuss Apple's TV and News strategy.

The interview comes just moments after Apple announced plans to acquire digital magazine subscription service Texture, so Apple's plans for that app will likely be the highlight of the conversation.

Texture brings over 200 of the world's best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favorite titles.

It has its roots in a 2009 joint venture between Time Inc, Condé Nast, Meredith, Hearst, and News Corp and was launched in 2012 as Next Issue Media. Within its large catalog, the app curates magazine articles based on the user's interests.

He didn't say exactly how Texture would be rolled into Apple News. It replaced that with the more comprehensive Apple News service a couple of years ago.

While Cue said Apple won't be purchasing Netflix (it could if it wanted: Apple is worth over $910bn and Netflix is $25bn in debt), the tech giant recently hired two executives for its grand TV strategy and now has a team of 40 people both based in the USA and overseas.

We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers. When asked about Apple's plans for AR beyond the iPhone, Cue suggested hat his job security depended on not talking about future products - apparently the video service doesn't count - so he wouldn't answer questions about them.

In 2015, Loughlin and his company, Next Issue Media, raised $90 million, $50 million of which came from the private equity firm KKR after its subscription magazine app was rebranded to Texture.

(Copyright © 2015. All Rights Reserved.)
 
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