Apple is rallying after announcing a monthly subscription service for news

Apple is rallying after announcing a monthly subscription service for news

Texture now offers access to over 200 magazines for $9.99 per month; pricing for the new service is uncertain.

The service could launch later this year, and would be an improved version of the current Apple News app, Bloomberg said.

People familiar with the plans tell Bloomberg that Texture's technology and remaining employees have been merged with the Apple News team, which is heading up the production of the new service. Apple would then share a portion of that revenue with those publishers, the report says.

First introduced as Next Issue in 2010, Texture offers subscriptions to over 200 magazines for one monthly price.

Apple is preparing to give its online services division a shot in the arm by launching a beefed-up news subscription service, Bloomberg is reporting. It is only available in three markets: US, the United Kingdom and Australia.

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Apple stock got hit in late March, along with the broader tech sector, but remains up for the year. These plans are created to help Apple boost its services business to meet revenue goals the company has set for itself over the next few years.

Apple previously had a dedicated news app called Newsstand, which allowed users to subscribe to magazines and newspapers individually. At the time, Beats Music had fewer than a million subscribers, and Apple has turned that into more than 40 million paying users. Services revenue grew 23% to $30B in FY17, but execs have a goal of $50B by 2021.

Currently, Apple sells subscriptions for iCloud storage and Apple Music. The company bought Beats Music in 2014, shortly before debuting Apple Music with its $9.99-per-month paid tier.

Currently, there are no details about which news organizations Apple would partner with for the subscription service. Altering the balance in favor of more subscription-based content could transform Apple News from a library- or RSS-like aggregator into more of a store. After the acquisition, 20 people were made redundant while the rest of the team was part of Apple News.

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