CALIFORNIA, U.S. - In a unique deal, Apple has decided to buy the digital magazine service called Texture, that is often referred to in the industry as the ‘Netflix for magazines.’
While Apple has not disclosed the financial terms of the deal, the tech giant’s move comes as its latest push towards developing content-related services and platforms.
Texture, which hosts a virtual newsstand, is owned by Next Issue Media, which is a joint-venture between the publishers Condé Nast, Hearst, Meredith, Rogers Media and private equity firm KKR.
The digital magazine service currently boasts of about 200 digital titles that users can read for a monthly subscription fee.
The Texture app is available for iPad, iPhone, Android devices and Amazon Fire tablets.
The service provides readers with options to access both current and back issues and current hosts titles including Rolling Stone, Vanity Fair, Vogue and Cosmopolitan, for a monthly fee of $9.99.
Apple senior vice-president of internet software and services, Eddy Cue said in a statement, “We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”
Last December, Apple bought the London-based app, Shazam for a reported $400 million.
The app allows smartphone users to identify music.
However, after requests from seven EU countries that feared the deal may “adversely affect competition,” the European Commission announced last month that it was reviewing the Shazam deal.