Apple Buying Digital Magazine Service Texture Likely Boost To Subscription Services Revenue

[Update: Keep up with our live coverage of Eddy Cue’s SXSW talk right here.]

Apple has today confirmed that it is taking a major step into the digital magazine business. Apple’s Eddy Cue shared in a statement that the company would be purchasing Texture, a digital magazine distributor which could enhance Apple’s News app and more.

The purchase will give Apple a large catalog of magazines from a range of publishers. Texture currently offers its users content from over 200 magazines for $10 a month. Sort of like “Netflix for Magazines” or an all you can eat music subscription service like Spotify, Google Play Music or Apple Music.

Here’s what Apple’s senior vice president of Internet Software & Services Eddy Cue had to say about the deal:

John Loughlin, CEO of Next Issue Media / Texture added:

With addressing fake news a major focus for tech companies and Apple’s commitment to rapidly growing its services revenue, this deal could have a lot of potential.

For now, Texture is a free download from the App Store and interestingly Google Play for Android and ChromeOS users and the service offers a seven-day trial. After that access is $10 a month. At this time it’s unclear how Apple plans to integrate the service and if pricing will change.