Apple is reportedly readying a monthly subscription service for news

AP

• Apple is planning to launch a premium subscription for news, Bloomberg reported.
• Last month, it bought Texture, a magazine subscription service that cost $9.99 per month.
• The Apple News subscription could look a lot like Apple's streaming music service, Apple Music.

Apple is planning to launch its own premium subscription service for news, Bloomberg reported on Tuesday.

The subscription could launch later this year in an updated version of the Apple News app, according to the report. Last month, Apple bought Texture, a magazine subscription service that cost $9.99 per month. Most of the Texture staff will be integrated into the Apple News team, according to Bloomberg.

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Apple News currently offers the ability to sell advertisements to participating publishers, but given Apple's personal privacy policies, a subscription service may be a better fit for the iPhone company. Apple plans to share subscription revenue with publishers, according to the report. Currently, Apple sells a $9.99 all-you-can-stream subscription under Apple Music.

Apple News and Apple Music are part of Apple's services division, which CEO Tim Cook has highlighted in recent years as one of the strongest growth categories for the company. The line item, which includes iCloud, Apple Music, and App Store revenue, posted $30 billion in sales for 2017.

Apple executives have said they plan to hit a target of $50 billion in services revenue by 2021.

Apple previously emphasized magazines as a key part of its iPad strategy in 2010.

Read the entire report at Bloomberg.