Apple will acquire Texture

Apple said yesterday it will acquire Texture, a digital magazines app, as the iPhone maker looks to fill the gap left by Facebook’s pullback from news distribution. The deal is Apple’s latest move to build out its content and services platform, coming just three months after the announcement of its $400 million plan to acquire Shazam, the music recognition app. First launched in 2010, Texture has been described as “Netflix for magazines”, as its $10-per-month subscription service provides unlimited access to more than 220 publications including PeopleThe New YorkerVanity FairNational Geographic and Vogue. Its business model resembles Netflix rival Hulu, a video-streaming service co-owned by a consortium of traditional broadcasters. Texture is backed by six publishers including Condé Nast, Hearst and News Corp and is currently available in the US and Canada. Formerly known as Next Issue, the Silicon Valley-based company had raised $130 million from the publishers and private equity group KKR… Texture will build on Apple’s existing News app, launched in 2015, which uses push notifications and email updates to alert users to articles about topics by publications they follow… Apple’s approach to its News app relies as much on human editors as algorithms. Last year, the company hired Lauren Kern, former executive editor of New York Magazine, to be the News app’s first editor-in-chief…

Tim Bradshaw