Apple acquires digital magazine service Texture

Called the "Netflix of magazines", Texture brings over 200 of the world's best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favourite titles.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from many of the world's leading publishers," said Eddy Cue, Apple's Senior Vice President of Internet Software and Services.

Texture costs $9.99 a month and offers access to magazines like The New Yorker, People, Time and GQ.

"We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users," Cue added in a statement on Tuesday.

"The Texture team and its current owners, CondA¿ Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. We could not imagine a better home or future for the service," said John Loughlin, CEO of Next Issue Media/Texture.

Since its launch in 2010, Texture has become the leading multi-title subscription service giving users the ability to instantly access some of the most widely read magazines.