Apple buys the "Netflix of magazine publishing" for an undisclosed amount
Known as "the Netflix of magazine publishing," the app named Texture has been acquired by Apple for an undisclosed amount. 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). Apple is purchasing the entire company, employees and all. Whether this includes a foosball table and some big comfy bean bag chairs, we haven't a clue.
"We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers. We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users"-Eddy Cue, senior vice president of Internet Software & Services, Apple
Texture has not recently revealed the number of subscribers it has. Back in 2016, a story in the New York Post said that according to Texture CEO John Loughlin, the company grossed $20 million in 2015, up 50%. The executive added that he expected another 50% gain during 2017. He also said at the time of the story, that Texture had "hundreds of thousands" of paying customers.
source: TechCrunch
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