Ap­ple adds more 'Tex­ture' to ser­vices with mag­a­zine deal

South Florida Times - - BUSINESS -

SAN FRAN­CISCO (AP) - Ap­ple has bought dig­i­tal mag­a­zine dis­trib­u­tor Tex­ture to ex­tend its sub­scrip­tion ser­vices be­yond mu­sic and on­line stor­age.

The deal an­nounced Mon­day puts Ap­ple in con­trol of a ser­vice of­ten de­scribed as a Net­flix of mag­a­zines. Tex­ture al­lows read­ers to pore over ar­ti­cles in more than 200 mag­a­zines for $10 per month, much like Net­flix sells un­lim­ited ac­cess to its video pro­gram­ming.

But Tex­ture hasn't proven as pop­u­lar as Net­flix, which boasts 55 mil­lion sub­scribers in the U.S. alone. Tex­ture hasn't spec­i­fied how many sub­scribers it has, but CEO John Lough­lin said in a 2016. in­ter­view that the num­ber ranged in the "hun­dreds of thou­sands."

Ap­ple didn't dis­close how much it paid for Tex­ture, which had raised at least $90 mil­lion since it was founded nearly a decade ago as Next Is­sue. The mag­a­zine dis­trib­u­tor had been owned by in­vestors that in­cluded Condé Nast, Hearst, Mered­ith, Rogers Me­dia and KKR.

“We are com­mit­ted to qual­ity jour­nal­ism from trusted sources and al­low­ing mag­a­zines to keep pro­duc­ing beau­ti­fully de­signed and en­gag­ing sto­ries for users,'' said Eddy Cue, Ap­ple's se­nior vice pres­i­dent of in­ter net soft­ware and ser­vices.

Un­like most Ap­ple prod­ucts, Tex­ture will be avail­able on de­vices pow­ered by Google's An­droid soft­ware in ad­di­tion to the iPhone and iPad.

Tex­ture will join a sta­ble of Ap­ple sub­scrip­tion op­tions that are an­chored by the com­pany's mu­sic-scream­ing ser­vice, which has 36 mil­lion sub­scribers. Ap­ple Inc. also sells ad­di­tional stor­age in its iCloud ser­vice to cus­tomers who ex­ceed the free limit of five gi­ga­bytes.

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