SAN FRANCISCO (AP) — Apple has bought digital magazine distributor Texture to extend its subscription services beyond music and online storage.
The deal announced Monday puts Apple in control of a service that is frequently described as a Netflix of magazines. Texture offers readers access to articles in more than 200 magazines for $10 per month, much like Netflix sells unlimited access to its video programming.
But Texture hasn't proven as popular as Netflix, which boasts 55 million subscribers in the U.S. alone. Texture hasn't specified how many subscribers it has, but CEO John Loughlin said the number ranged in the "hundreds of thousands" during a 2016 interview .
Apple didn't disclose how much it paid for Texture. The magazine distributor had been owned by investors that included Condé Nast, Hearst, Meredith and Rogers Media.