Apple acquires 'Netflix for magazines' app Texture

Wednesday, 14 Mar, 2018

Apple previously awarded the app an App Store reward back in 2016.

Apple has acquired digital magazine distributor Texture.

The Texture magazine app features Vanity Fair, the New Yorker, Elle and other titles. Next Issue Media is now owned by a group of publishers and other companies including Hearst Corp., Meredith Corp., News Corp. and Rogers Communications Inc. As reported by TechCrunch, the company has raised over $90 million in funding, including $50 million contributed by external publishers including BuzzFeed and Vox Media.

Cue shrugged off the suggestion, saying that Apple would rather not invest in an established player, and rather build out its video content in-house as much as possible. The transaction included an upfront payment, as well as significant licensing fees to publishers, the person also said.

That purchase prompted CNN's Dylan Byers to ask Cue, during his on-stage interview, if the acquisition of Texture meant that the company were willing to make an even bigger media deal - like buying Netflix or even Disney - to help build out its growing slate of original movie and TV content. The company added that it is "committed to quality journalism", which suggests it will use Texture in an attempt to improve its standing with media organisations.

Another source familiar with the matter said Apple had to renegotiate Texture's content deals because those deals were both with the magazine publishers that owned the startup as well as some publishers with no ownership stake. The service will continue to operate as an independent app for the foreseeable future. The Texture app is available for iPad, and iPhone, Android devices, and Amazon Fire tablets. The service bolsters Apple's efforts in online services and media.