Published: Tue, April 17, 2018
Industry | By Johnnie Johnson

Apple's upcoming new service might be the Netflix of news

Apple's upcoming new service might be the Netflix of news

According to those familiar with Apple's plans, a new and improved Apple News app will be offered and a percentage of the subscription revenue will be given to magazine publishers who are part of the service. After cutting 20 Texture employees immediately after the acquisition, Apple absorbed Texture's headcount into Apple News' team. While you can already purchase subscriptions through the Apple News app, which no doubt earns Apple some money, selling individual issues or subscriptions isn't quite the same as offering people a huge bundle of content in exchange for a single monthly fee. The company sells iCloud storage and Apple Music subscriptions, but also rakes in services revenue from iTunes, App Store, and Apple Pay transactions.

Apple's ambitions for Texture, the "Netflix of magazines" app that it acquired last month, are slowly coming into the light.

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American tech giant Apple is reportedly planning on launching a new premium subscription feature which will give users the opportunity to access a variety of news outlets in one single app. It is only available in three markets: USA, the United Kingdom and Australia.

Last month, Apple has acquired the magazine app called Texture. This doesn't necessarily mean that the new service is in trouble, but there's no question that a paid news service is a significantly riskier gamble that streaming music. Apple has said that it is targeting annual service revenue of $50 billion by 2021. Texture had about 100 staff. Altering the balance in favor of more subscription-based content could transform Apple News from a library- or RSS-like aggregator into more of a store. It's clear the company is looking for the same success story with its upcoming news subscription.

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It's worth noting Apple is no stranger to buying out services and turning them into subscriptions people actually want to use.

The move has the potential to more than modestly alter the Apple News app, which now focuses nearly exclusively on providing free news to iOS users.

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