Apple is reportedly planning to launch a news subscription service

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Apple is planning to launch a news subscription service that incorporates its recently acquired digital magazine app Texture, according to a report from Bloomberg. 

Apple announced the acquisition of Texture for an undisclosed amount on March 12th, 2018, which included retaining all of the company’s employees.

Now, Bloomberg reports the Cupertino-based tech giant will integrate the free-to-download Android and iOS app into its Apple News service. An upgraded Apple News app with the new subscription service is expected to launch within the next year, Bloomberg notes, with a portion of revenue going towards partnered magazine publishers.

Bloomberg also reports that 20 Texture employees were cut shortly after the acquisition, in addition to the departure of company CEO John Laughlin.

Bloomberg, the news service is part of a larger effort from Apple to generate more revenue from online content and services.

To that end, the company is gearing up to release at least 12 original series on a paid subscription service by March 2019, including a series based on Isaac Asimov’s seminal Foundation novels and a revival of Steven Spielberg’s Amazing Stories anthology series.

Earlier this month, the company also announced that its Apple Music service has reached 40 million subscribers.

Source: Bloomberg