Apple plans to integrate recently acquired magazine app Texture into Apple News and debut its own premium subscription offering, according to people familiar with the matter.
While Apple did let twenty Texture employees go shortly after the acquisition, close to eighty people remain and they will now be focused on growing Apple News with the knowledge and technology they bring from their experience growing a digital magazine subscription service. The report also says an updated Apple News app with the subscription built-in will land within the next year, with a portion of all revenue going to participating publishers.
The Bloomberg report also notes that Apple laid off about 20 Texture staffers soon after the acquisition in March. The app basically allowed users to subscribe over 200 magazines which possible via a $9.99 monthly fee.
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From 2011 to 2012, Apple and News Corp. - which owns The Times of London, the Wall Street Journal and Fox Broadcasting Company - launched The Daily, the first iPad-only news app. It is only available in three markets: US, the United Kingdom and Australia. These plans are created to help Apple boost its services business to meet revenue goals the company has set for itself over the next few years. Previously Apple only sold music on an individual track basis through iTunes for about 99 cents per track. Apple Music, iCloud, and App Store revenues rose to $30 billion in the 2017 fiscal year, and the company would like that to be about $50 billion by 2021. Beats Music, with its fewer than one million subscribers, shut down not long after Apple Music came out. This very same team is the one that's now building the new premium subscription service for Apple.
Paid subscriptions already play a huge part in Apple's ecosystem.
Currently, there are no details about which news organizations Apple would partner with for the subscription service.