Apple plans to launch the Apple Music of magazines

Apple plans to launch the Apple Music of magazines

Apple plans to launch the Apple Music of magazines

According to a new report from Bloomberg, Apple is planning to launch its own premium news subscription service in an upgraded version of the Apple News app, arriving sometime in the next year. Texture offers more than 200 magazines for a rolling price of $9.99 per month.

As it stands Apple News is more like a collection of various articles pulled from various publications. 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. Apple recently announced that Apple Music has surpassed 40 million paid members, and while that may not be a realistic goal for the Apple News service, the company has proven that it knows how to market its services. Exactly what that ratio will be has not yet been revealed. This approach would set it apart from Apple's previous Newsstand app, which gave users access to magazine subscriptions on an individual basis.

Apple's services business is orders of magnitude smaller than its hardware business, but the company has had success with its Apple Music service, which now boasts almost 40 million subscribers. Apple Music, iCloud, and App Store revenues rose to $30 billion in the 2017 fiscal year, and the company would like that to be about $50 billion by 2021. Beats Music, with its fewer than one million subscribers, shut down not long after Apple Music came out. Texture previously had about 100 staff members.

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There will be some sort of revenue split between Apple and the publishers who will be featured in the service, but there's no details on that.

Services become increasingly important to Apple's future.

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