Apple is to buy the digital magazine service Texture, which lets users read titles for a monthly subscription fee.
Texture charges $9.99 a month for access to monthly publications like Vogue and Cosmopolitan, and $14.99 a month for weeklies like the New Yorker.
Texture is available on both iOS and Android, and Apple says it won't take down its Android platform, according to Recode. The Cupertino-based company didn't specify how much its buying Texture for, but a deal is expected to be closed soon between the two parties. The iPhone maker announced the acquisition Monday, but didn't disclose a purchase price.
"This new relationship with Apple not only will deliver new audiences and further the reach of our collective brands, but reflects the way consumers are engaging with media today as they look to discover content and subscribe with more convenience and ease", the statement said. Private equity firm KKR invested $50m in the company in 2015. However, in an interview at the SXSW conference live-blogged by Zac Hall of 9to5Mac, Cue said that Apple plans to integrate Texture's content into Apple News.
That puts Apple more than $100 billion ahead of the second-largest company by market capitalization, Alphabet, and more than $150 billion ahead of Amazon.
The terms of Apple's acquisition haven't been released, and user numbers for the Texture app aren't publicly known. The service launched in 2010 and attempted to capitalize on the launch of the iPad and emergence of digital newsstands as the future of print media.
Nevertheless, a 2016 report from The New York Postquoted Texture CEO John Loughlin saying that the service had "hundreds of thousands" of subscribers at that time. "We don't try to sell the most smartphones in the world; we don't try to sell the most apps, we try to make the best one". We'll also likely see Texture's features being implemented in Apple's own News app as another source of information. It was a joint venture between several online publishing companies including Condé Nast, News Corp., and Time Inc. That could generate upwards of $360 in annual subscription revenue from those users - more than half of the average selling price (ASP) of an iPhone previous year.