Revamped Apple News Service in the Works

Revamped Apple News Service in the Works

Revamped Apple News Service in the Works

According to those familiar with Apple's plans, a new and improved Apple News app will be offered and a percentage of the subscription revenue will be given to magazine publishers who are part of the service.

Texture allowed users to subscribe to more than 200 magazines for $9.99 per month, and the new Apple News service is likely to offer something similar.

Apple plans to introduce a subscription-based news service following its Texture acquisition.

Sources say that when the news subscription service launches next year, a portion of the subscription revenue will go to magazine publishers that are part of the program. Apple once had an app called Newsstand that combined several magazines and newspapers, providing subscriptions for individual outlets.

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. The services segment was the second-fastest-growing category for Apple in its latest earnings report in February; it grew 18 percent in the company's 2018 first quarter compared with the same period a year earlier. Back in 2014, the company bought Beats and the Beats Music service that had less than a million subscribers at the time. Executives have said they're targeting services revenue of roughly $50 billion by 2021. Apple will put the acquisition to good use by integrating it into the Apple News app, as reported by Bloomberg on Tuesday. The remaining Texture employees will now work at the Apple News division as the Cupertino tech behemoth hopes to disrupt another industry with a subscription service.

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