The announcement solidifies the company's ranking as the No. 2 streaming service behind Spotify, which has 71 million subscribers and 159 million active users, according to its filing last month to become a publicly traded company.
The "virtual newsstand" gives readers online access to current and back issues of about 200 titles, including Rolling Stone, Vanity Fair, Vogue and Cosmopolitan, for a monthly fee of $9.99 (£7.19). The magazine distributor had been owned by investors that included Condé Nast, Hearst, Meredith, Rogers Media and KKR. Users can read digital copies of any of the magazines inside the Texture app. As reported by TechCrunch, the company has raised over $90 million in funding, including $50 million contributed by external publishers including BuzzFeed and Vox Media.
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He also worked in a plug about Rihanna's recent passing of the 2 billion-stream mark on Apple Music, which was heavily touted over the weekend. It replaced that with the more comprehensive Apple News service a couple of years ago. Netflix said in a statement to Variety that the new feature is an interactive experience meant to add an element of fun and provide kids with something to talk about.
The app Texture is often called 'the Netflix of magazine subscriptions, ' allowing users to read publications from all across the country for a low-priced monthly fee. "We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Eddy Cue, Apple's senior vice president of Internet Software and Services.
The Senior VP of Internet Software and Services shrugged off the question: Cue said that Disney and Netflix were "good partners" but that if you look at the "general history of Apple, we never make huge acquisitions". It's now available on iOS, Android, Amazon Kindle Fire and Windows 10.