Apple's upcoming new service might be the Netflix of news

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As it stands Apple News is more like a collection of various articles pulled from various publications. According to the report, the company will integrate Texture, a magazine subscription service that was recently acquired by the tech giant, into its existing News app and offer it as a standalone service you pay monthly for.

Apple News is now a free app that delivers a personalized selection of content from a choice of publishers, with the ability to follow certain topics as well as subscribe to magazines and newspapers directly through news.

About a month ago, Apple spent part of its enormous cash reserves on acquiring digital magazine subscription service Texture.

A new, simplified subscription service covering multiple publications could spur Apple News usage and generate new revenue in a similar manner to the $9.99 per month Apple Music offering. Texture now offers access to over 200 magazines for $9.99 per month; pricing for the new service is uncertain. This approach would set it apart from Apple's previous Newsstand app, which gave users access to magazine subscriptions on an individual basis.

Apple needs successes like that to meet a bold target for its services division. Apple Music, iCloud, and App Store revenues rose to $30 billion in the 2017 fiscal year, and the company would like that to be about $50 billion by 2021. These plans are created to help Apple boost its services business to meet revenue goals the company has set for itself over the next few years. During a recent earnings conference call, Apple told analysts it had a total of 240 million paid subscriptions, with 58 percent year-over-year growth.

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Which makes sense when you think about it. Apple already makes a decent slice of cash by selling music and video on iTunes, alongside subscriptions for Apple Music, so it makes sense that it would want to expand that to other areas.

Services become increasingly important to Apple's future. The company's SVP Eddy Cue spoke about a number of topics at SXSW last month, including the current Apple News app.

Job reductions at Texture aren't necessarily a sign that the news subscription effort is off to a slow start.

The Bloomberg report also notes that Apple laid off about 20 Texture staffers soon after the acquisition in March. Texture previously had about 100 staff members.

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