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12 March 2018, 08:07 | Justin Tyler
Apple Senior Vice President Eddy Cue who runs its media business
Texture - formerly known as Next Issue Media - aims to be a virtual newsstand that gives readers access to roughly 200 magazines, including the Atlantic, Bon Appetit, Martha Stewart Living, and Vanity Fair, for $9.99 a month.
A huge fan of basketball who has frequently been seen at Golden State Warriors games, Cue also said that a new sports feature will be coming to the TV app this week for March Madness, and that Apple thinks that it can make the sports experience "so much better" than it now is. However, news that Apple bought Texture may mean that digital magazines are coming back to the forefront.
While Cue said Apple won't be purchasing Netflix (it could if it wanted: Apple is worth over $910bn and Netflix is $25bn in debt), the tech giant recently hired two executives for its grand TV strategy and now has a team of 40 people both based in the U.S. and overseas. Details of how much Apple is buying Texture for remain undisclosed.
We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers.
In the wake of the debate over whether platforms like Twitter and Facebook are doing an adequate job handling fake news, Apple's banking on curation as a way through the tumult. The company was based in Silicon Valley and largely backed by publishers in NY.
"The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media, and KKR, could not be more pleased or excited with this development", said Next Issue Media John Loughlin said in a statement. The publishers referred further questions to Apple.
Apple hasn't come forward with what their intentions are with the purchase of Texture, but has since stated that the deal is in order to promote "quality journalism from trusted sources". The decision was frustrating to many news publishers that had directed resources toward finding audiences on the social network.
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