Apple Music for journalism? Apple plans paid subscription service for news

Apple Music for journalism? Apple plans paid subscription service for news

About a month ago, Apple spent part of its enormous cash reserves on acquiring digital magazine subscription service Texture.

Apple is planning to launch a subscription based News service that will include access to magazines now offered by Texture, reports Bloomberg. Now, Bloomberg believes that Apple is preparing to launch a new Apple News app over the next year or so. Apple will put the acquisition to good use by integrating it into the Apple News app, as reported by Bloomberg on Tuesday. The service gives users the option to subscribe to more than 200 magazines and read their content via the Texture app. The creation subscription news service based on Texture would follow a similar model. It is only available in three markets: USA, the United Kingdom and Australia. The company's SVP Eddy Cue spoke about a number of topics at SXSW last month, including the current Apple News app.

Apple has been looking for revenue from services to complement its device sales for years, which is why the success of Apple Music has been such a boon for the company. This offers millions of songs for $9.99 per month, and now has more than 40 million subscribers.

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Apple previously had a dedicated news app called Newsstand, which allowed users to subscribe to magazines and newspapers individually. Services revenue grew 23% to $30B in FY17, but execs have a goal of $50B by 2021. If anything, Apple Music showed how important free trials can be. The company bought Beats Music in 2014, shortly before debuting Apple Music with its $9.99-per-month paid tier. Texture had about 100 staff.

Currently, there are no details about which news organizations Apple would partner with for the subscription service. This time, Apple cut roughly 20 people from Texture, including assistants, software engineers, and managers, according to one of the people familiar with the matter. With this integration, the giant to start their own premium subscription services for those who want to stay up to date with news.

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