Apple announced earlier this week that the company bought a digital subscription service called “Texture” and its parent company Next Issue Media for an undisclosed amount.
The $10 monthly digital subscription service app Texture includes names as Esquire, Consumer Reports, National Geographic, and over 200 other magazine titles. The digital service was created in 2009 by six other well-known publisher groups, who went on later in 2012 to create Texture media service. The intent was a way to hopefully increase sales, since the era for digital reading was growing rapidly.
The parent company Next Issue Media has around 80 employees, and according to financial tracking service Pitchbook, the digital media parent company has raised as much as $50 million dollars from BuzzFeed, Vox Media, and Imgur who are all said to be investors.
Apple already has an online streaming service called Apple Music, and the company also has a free news and magazine reader called Apple News.