“Hulu for Magazines” coming from publishing industry?

Mashable reports that the magazine publishing industry, which has been struggling to transition and continue to thrive in the digital age, is considering a “Hulu” for magazines joint venture.

The core of the plan would be to create an iTunes-style digital storefront where content can be bundled into subscriptions and delivered to customers on multiple devices.

According to reports, the plan is being well-received, with Hearst and Conde Nast reportedly expected to sign on to the venture.

Some publishers are apparently considering their own digital reading devices, leading to the possibility of a fractured eReader market. Everyone is also wondering (including myself), if Apple will swoop in with a tablet/computer/reader to end all readers. The benefit to Apple is, that they already have the iTunes infrastructure in place for content – in this case to be books and magazines. From what I understand, there are also already iPhone apps that allow the purchase of certain public domain classic literature.

There will certainly be more to come on these developments.