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Apple Buys Texture, the Netflix for Magazines

Apple Buys Texture, the Netflix for Magazines

Apple Buys Texture, the Netflix for Magazines

Eddy Cue was scheduled to go onstage at SXSW in Austin, Texas, today to discuss Apple's media ambitions.

Apple has announced that it has acquired the subscription-based digital magazine service, Texture, which is produced by Next Issue Media LLC.

The interview is scheduled to start any moment now, so stay tuned for updates!

John Loughlin, CEO of Next Issue Media and Texture, said in a release the company "could not imagine a better home or future for the service". At the time when Facebook has very publicly moved away from news and media, Apple appears to be moving further into that space.

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"Generally the history of Apple - we have not made huge acquisitions", said Cue, before referencing Wayne Gretzky's "skate to where the puck is going, not where it is" line. "There's a difference though; we're not after quantity, we're after quality", said Cue.

Apple did not disclose the financial terms of the deal. TechCrunch reported that there will be no usage changes to the app, meaning that Android users will not be locked out. We occasionally allow reputable companies outside of the company to mail details of products which may be of interest to you. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple.

Apple reported that it finished 2017 with cash reserves of $285 billion, much of that stashed overseas. That's enough to potentially buy a media big hitter like Netflix.

In a statement on the company's website, Apple emphasised its focus on trustworthy news sources, a subtle dig at Silicon Valley rivals that have helped to spread false news and disinformation. Similarly, the company isn't interested in offering its own YouTube-style short videos. It's now reportedly developing Steven Spielberg's science fiction series "Amazing Stories", among other series. According to 9to5Mac, Cue teased that Apple will have "a technology angle that will be a "surprise" to its service". "When you think of content, great storytelling is what's important".

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