Apple to buy 'Netflix for magazines' Texture

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We're on the ground at SXSW 2018 in Austin, Texas where Apple's Eddy Cue is about to take the stage to discuss media curation with CNN's Dylan Byers.

Apple has purchased Texture, a subscription service that lets users consume all or part of more than 200 magazines.

The interview is scheduled to start any moment now, so stay tuned for updates!

In other words, Cue said Apple is focused on the next big thing, rather than the thing that is big now.

"We don't try to sell the most smartphones or tablets in the world - we try to make the best one", Cue said.

The acquisition will deliver offer another revenue boost to Apple's increasingly profitable services division, alongside Apple Music. "There's a difference though; we're not after quantity, we're after quality", Cue said.

At this current point, the terms of the new deal haven't been made public, although it does appear that Texture investors will see their investment payoff after the buyout. In 2016, Texture was chosen by the App Store editorial team for the annual Best Of selections, which celebrate the most innovative apps and games for iOS users.

Apple has a team of curators who select content for the "Top Stories" and "Spotlight", sections of the app, while the "For You" section highlights articles from sources you tell Apple you want to hear from. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. In its last earnings report, Apple reported it has $285 billion cash on hand. He backed away from rumors that Apple could go after acquiring a company like Disney or Netflix, which he referred to as great partners. He said that Apple believes the technology will be huge and eventually turn into an everyday product for many. The company's subsidiaries may use it to keep you informed of relevant products and services.

Cue also revealed that nearly 40 people are now dedicated to building out Apple's TV content business.