Apple buys Texture magazine app partly owned by Rogers Media

Apple buys Texture magazine app partly owned by Rogers Media

Today Apple revealed that it is to acquire the digital magazine subscription service Texture. The company, it appears, has raised at least $90 million - $40 million from the publishers, and an additional $50 million from KKR and other investors that include BuzzFeed, Vox Media and Imgur. Unlike Netflix and despite its big backers, however, the app has failed to gain a big following since its launch eight years ago.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", Cue said in a statement. Texture offers subscribers the ability to select from approximately 200 magazines to read, for the price of $9.99 a month (following a seven-day free trial). "We're not trying to just give you the most popular stuff for you but some of the articles that you should be reading". At last count, there were 240 million paid subscriptions. The streaming music company has over 70 million subscribers, almost double the size of Apple Music. Alternatively, Texture may eventually benefit from the suggestion algorithms Apple's already developed for News. Texture will integrate with Apple News and presumably improve upon the app's curation capabilities. Sort of like "Netflix for Magazines" or an all you can eat music subscription service like Spotify, Google Play Music or Apple Music. That could generate upwards of $360 in annual subscription revenue from those users - more than half of the average selling price (ASP) of an iPhone a year ago.

Cue says everybody has a responsibility in the world, when asked about Facebook's responsibility to curate media: "We're going to step up and do that".

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They had better be thinking bigger if they'd like to complete with market giants Amazon, Netflix and Stan however.

Apple Inc. shares were trading at $182.18 per share on Monday afternoon, up $2.20 (+1.22%). The Motley Fool owns shares of and recommends Apple and NFLX.

It's no secret Apple isn't short on funds. The Motley Fool has a disclosure policy.

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