Texture, dubbed the Netflix of the magazine world, is set to get a big boost when Apple clears it for in-app purchases through its iTunes store.
Texture CEO John Loughlin said he expects to clear that hurdle by July 10, potentially unlocking a whole new base of customers. The app is already available on Android devices.
In addition, Sprint will start pre-installing the app on Android phones that it sells starting later this summer, making it available to more than 1 million customers each month.
He would not disclose how many paying subscribers Texture has now, but said it is in the “hundreds of thousands.”
The company, formerly called Next Issue Media, allows subscribers to pay $9.99 a month to gain access to up to 200 magazines on their mobile phones, iPads and other digital devices.
To add the more costly weekly magazines to the mix, subscribers pay $14.99 a month. The top tier includes more expensive trades like Billboard, The Hollywood Reporter and Variety and will soon add Women’s Wear Daily.
Instead of cannibalizing existing magazine subscribers with lower-priced digital subscriptions, Loughlin said the service is expanding the market. Only about 20 percent of Texture’s subscribers dropped print in favor of the digital service, he said.
Meanwhile, Texture paid $15 million in subscription revenue to publishers last year.
Loughlin declined to be specific but said revenue is in excess of $20 million and subscribers rose by 50 percent last year. He expects a similar subscriber jump this year.
The company, backed by several major media companies, received $40 million last year from its venture partners including Time Inc., Condé Nast, Meredith, Canadian publisher Rogers Media and News Corp., which also owns The Post. That’s on top of $50 million it raised in December 2014 from private equity giant KKR.