Revamped Apple News Service in the Works

Revamped Apple News Service in the Works

Revamped Apple News Service in the Works

Apple is planning to launch a new premium news subscription service, based on its recent acquisition of magazine app Texture, people familiar with the matter told Bloomberg News. Bloomberg says the plan is to fold Texture's technology and remaining staff (20 employees were fired in the acquisition process) into a new version of the Apple News app, which will have a subscription offering. Then, within the next year, Apple is expected to launch "an upgraded Apple News app with the subscription offering", and some of the revenue generated from the subscriptions will be distributed to the magazine publishers participating in the program. Previously, Apple has Newsstand where it would allow readers to subscribe to individual magazines. This offers millions of songs for $9.99 per month, and now has more than 40 million subscribers.

Apple bought Texture last month.

It's worth noting Apple is no stranger to buying out services and turning them into subscriptions people actually want to use.

The company is now bringing in $30 billion a quarter from its services division, which is well on the way to its $50 billion target.

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Apple has had limited success with its news services applications.

Repeating the success of the Beats deal with a Netflix for news will be hard, according to Gene Munster, a longtime Apple analyst and co-founder of Loup Ventures. There is speculation that Apple will keep Texture's $9.99/month pricing for the revised Apple News subscription service. The company could also choose to turn its original video content efforts into its own Netflix-like video subscription service.

Apple's Services division - which includes iTunes sales, the App Store, Apple Music, iCloud storage plans and Apple Pay transactions - continues to grow rapidly.

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