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Report: Apple launching news subscription service

Photo by Tomohiro Ohsumi/Getty Images

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.