Revamped Apple News Service in the Works

Apple bought Texture last month.                  Texture

Tim Cook, chief executive officer of Apple, speaks during an even last month introducing a low-priced iPad geared toward students.

Apple is no stranger to delivering people their news, with the Apple News app launching alongside iOS 9 two and a half years ago.

Apple's Newsstand and News services offered magazine subscriptions on an individual basis, but the new News service would work more like the Apple Music streaming service. With smartphone sales suffering a small decline in shipments a year ago, the first time that has happened, Apple is looking to expand its services revenue.

Last month, the tech giant acquired digital magazine subscription service Texture for an undisclosed sum.

Apple is reportedly planning to launch a new Apple Music-like subscription-based service within the next year. Seeing as how the company managed to take less than a million people who had subscribed to Beats Music and turn them into 40 million Apple Music listeners, it's not like they have no experience convincing people to hand over a bit of money every month. This very same team is the one that's now building the new premium subscription service for Apple.

The service will come from integrating the acquired magazine app Texture into Apple News to boost services sales.

Currently, Apple sells subscriptions for iCloud storage and Apple Music. Users can also subscribe for free to content to always see the latest from a respective publication.

Apple shares took a hit in late March, falling as much as 10.4%, along with many other companies listed on the tech-heavy Nasdaq, after Facebook's Cambridge Analytica data scandal and President Donald Trump's crackdown on Chinese investment in U.S. technology rattled investors. Texture previously had about 100 staff members. The company bought Beats Music in 2014, shortly before debuting Apple Music with its $9.99-per-month paid tier. After the acquisition, 20 people were made redundant while the rest of the team was part of Apple News.

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