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Apple is going to build a subscription news service based on Texture, a magazine app it recently acquired, Bloomberg reports citing people familiar with the matter. The new news app will launch within the next year.

Why it matters: Apple CEO Tim Cook has said he wants to double the revenue Apple makes from software — such as Ipp Store apps and iTunes — by 2020.

Report: Apple launching news subscription service

The company is trying to double software revenue.

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Apple is going to build a subscription news service based on Texture, a magazine app it recently acquired, <a class="gtmContentClick" data-vars-link-text="Bloomberg reports" data-vars-click-url="https://www.bloomberg.com/news/articles/2018-04-17/apple-is-said-to-plan-apple-music-like-news-subscription-service" data-vars-content-id="76c488c0-4d6a-4298-ad84-d3feb351a1ea" data-vars-headline="Report: Apple launching news subscription service" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/articles/2018-04-17/apple-is-said-to-plan-apple-music-like-news-subscription-service" target="_blank">Bloomberg reports</a> citing people familiar with the matter. The new news app will launch within the next year.Why it matters: Apple CEO Tim Cook has said he wants to double the revenue Apple makes from software — such as Ipp Store apps and iTunes — by 2020.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Report: Apple launching news subscription service

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