When Apple discontinued its App Store affiliate program, app developers registered their protest against the tech giant. Now, the “greedy” iPhone maker is inviting the wrath of publishing media as the company is planning to share only 50% revenue coming from its upcoming Texture app.
For those, who have little information about Texture, it is an app Apple acquired in March 2018. Apple has plans to relaunch this app in the coming spring. By using a subscription model, Apple will serve news-hungry readers with newspapers and magazines.
It’s a Shitty Deal; It Seems Apple is Greedy: A Publishing Executive
The Texture will be Apple’s Spotify-style magazine subscription service. According to senior publishing executives from different companies, Apple will only pay the media partners 50% of the revenue.
This means Apple will enjoy half of the revenue from $10 monthly subscriptions to the news and magazine services. Media publishers will have to split the remaining proceeds based on the number of readers consuming their stories.
A furious publishing executive ranted, “It’s a shitty deal, it seems greedy.” The executive shared this comment on the condition of anonymity. Apple didn’t respond to the request sent for its comment.
Jason Kint, CEO of Digital Content Next, said, “It feels like a punch in the nose, to hear those [revenue sharing] numbers.” Kint added, “There is a significant concern around how platforms are squeezing the oxygen out of the media ecosystem.”
The Texture was initially founded by Condé Nast, Hearst, and Meredith; the three founders were giants of traditional media. The app is likely to be relaunched in the spring. This app will give digital subscribers complete access to a number of magazines as they appear in print.
Apple, with its signature style, will redesign this app and make it more dynamic for readers. The experience will go beyond a digital recreation as people would feel Apple News like interface.
The traditional publishing industry is facing a tough time as digital distributors like Apple, Google, and Facebook have cornered the readers worldwide. Although Apple is presenting itself as a friend to traditional media, its terms to give only 50% revenue share exposes Apple’s greedy nature.
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