“Apple Inc. plans to integrate recently acquired magazine app Texture into Apple News and debut its own premium subscription offering, according to people familiar with the matter,” Mark Gurman and Gerry Smith report for Bloomberg. “The Cupertino, California company agreed last month to buy Texture, which lets users subscribe to more than 200 magazines for $9.99 a month.”

“Apple cut about 20 Texture staff soon after, according to one of the people. The world’s largest technology company is integrating Texture technology and the remaining employees into its Apple News team, which is building the premium service,” Gurman and Smith report. “An upgraded Apple News app with the subscription offering is expected to launch within the next year, and a slice of the subscription revenue will go to magazine publishers that are part of the program, the people said.”

“Executives have said they’re targeting services revenue of roughly $50 billion by 2021,” Gurman and Smith report. “During a recent earnings conference call, Apple told analysts it had a total of 240 million paid subscriptions, with 58 percent year-over-year growth.”

Read more in the full article here.

MacDailyNews Take: As expected.

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