Apple is looking to unveil its magazine subscription service as early as spring 2019. The company is planning to launch relaunch Texture as a part of Apple News early next year. Apple had acquired Texture, a subscription service that provided one with access to 200 magazines for a monthly fee, in March this year.
For the launch, Apple is trying to get big publishers like Wall Street Journal and New York Times and improve their design for improved readability. A team of Apple executives led by Eddy Cue believes that publishers will be able to generate more revenue from the relaunched Texture service thanks to an increase in their overall subscription base than what they would get from their own subscription service. Publishers will be paid depending on the time each user spends on reading their article in Texture.
Apple executives have also compared the opportunity with Texture to their success with music. Since the company bought Beats Music in 2014 and used it as the basis for Apple Music the following year, the service has grown to more than 50 million subscribers.
Texture monthly subscription fee is $9.99 and it offers readers access to content from reputed publications like GQ, Rolling Stone, Vogue, and more. When Apple acquired Texture, the service had 200k subscribers and it had paid $15 million to publishers.
There’s still a lot of uncertainty among publishers if the Texture approach would work. However, with Apple’s reach and marketing prowess, there’s a possibility that Texture as a part of Apple News will end up attracting a lot of readers and encourage them to subscribe to the service to gain unlimited access to content from a wide range of publishers.
Apple can bundle Apple News and Apple Music subscription into one for a flat monthly fee to attract an even wider user base. That way, it will be able to attract a large number of users which should also help make up for the revenue loss that most publications are currently worried about. Or just like Apple tends to do, it can charge more than $9.99/month for Texture and its users would still be willing to pay that price due to its brand name and quality.[Via Bloomberg]