Apple is Launching A News Subscription Service
Kind of like their Apple Music but with more news!
Apple acquired the “Texture” last month, and it’s now planning to create its own premium news service. Bloomberg reports that Apple’s “Netflix of magazines” acquisition will see the service, which offers more than 200 magazines for $9.99 a month, combined into Apple’s News team. A new Apple News app will reportedly launch within the next year, and offer a subscription with a percentage of revenue shared to publishers.
The acquisition of the service Texture, owned by Next Issue Media, comes at a time when news publishing as an industry is being shaken up by fake news accusations and Facebook’s changing algorithms in ways that prioritize friend activity over brands
Apple’s latest attempt appears to be targeting a subscription offering for multiple magazines, much like the company’s Music streaming service. The effort will rely on paying for quality news sources, something that publishers have been trying with their own “pay wall” options. Bloomberg reports that publishers will be offered a slice of the subscription revenue, but it’s not clear how much Apple will be willing to share. Apple currently takes a 15 percent revenue cut from app subscriptions in the company’s App Store, and it takes a 30 percent slice for regular app sales.