Apple to launch a news subscription service, report says

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Apple shares are rising Tuesday after Bloomberg reported the company is launching a subscription news service.

The article claims Apple will deeply integrate subscription-based news service, Texture into Apple News once the acquisition of the company is complete, offering "Apple News Premium" customers access to paid magazines, including Vogue, Men's Health, GQ, People & Entertainment Weekly that are now available on Texture for $9.99 per-month.

According to the report, Apple laid off around 20 of Texture's 100 employees shortly after the acquisition, but integrated the remaining people into its Apple News team. An upgraded Apple News app with the subscription offering is expected to launch within the next year. Currently, the magazine subscription service allows customers access to over 200 magazines for $9.99 per month for monthly magazines, or $14.99 for premium access to weekly publications. Texture app was acquired by Apple last month. 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. The company created Apple Music after buying headphone maker and streaming provider Beats back in 2014.

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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.

Will a Netflix for news and magazines be the final piece of the puzzle for Apple's services division? It also gets a cut of subscriptions sold by third-party apps on the App Store. The creation subscription news service based on Texture would follow a similar model.

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