Apple is planning to launch its own premium subscription magazine service as part of the Apple News app, a new report claims. Services revenue grew 23% to $30B in FY17, but execs have a goal of $50B by 2021. Texture now offers access to over 200 magazines for $9.99 per month; pricing for the new service is uncertain. Beats Music, with its fewer than one million subscribers, shut down not long after Apple Music came out.

Apple used to have an app called Newsstand that combined several magazines and newspapers, but the publications were only provided on an individual subscription basis. The updated Apple News app, which includes this new subscription service, should launch sometime in 2019. Apple cut around 20 people from Texture team shortly after buying the app in March, people familiar with the company's plans told Bloomberg. Texture previously had about 100 staff members.

Apple shares are up 0.5% to $176.72.

While not all magazine publishers are focused on "news", those who do cover tech and Apple specifically, could become uncomfortable with also relying on Apple for subscription revenues.

Apple announced plans to purchase Texture last month. It's clear the company is looking for the same success story with its upcoming news subscription. However, it's likely that the company will use its current Apple News relationships to its advantage, as well as those that Texture brought into the mix (titles available on Texture included People, Rolling Stone, National Geographic, Sports Illustrated, and others).

Apple News is now a free app that delivers a personalized selection of content from a choice of publishers, with the ability to follow certain topics as well as subscribe to magazines and newspapers directly through news.