Apple has introduced a new subscription service on its App Store for magazines, newspapers, video and music.

This is the same subscription service that Apple recently launched with News Corp.’s “The Daily” app. Read the review here.

Publishers set the price and length of the subscription (weekly, monthly, bi-monthly, quarterly, bi-yearly or yearly). Users choose the length of the subscription and are charged based on how long they subscribe.  Users can manage all of the subscriptions from their personal account page. Apple keeps 30 percent of the revenue from subscriptions, the same as it does for other in-app purchases.

“Our philosophy is simple — when Apple brings a new subscriber to the app, Apple earns a 30 percent share; when the publisher brings an existing or new subscriber to the app, the publisher keeps 100 percent and Apple earns nothing,” said Steve Jobs, Apple’s CEO.

“All we require is that, if a publisher is making a subscription offer outside of the app, the same (or better) offer be made inside the app.”

People who buy a subscription through the App Store will have the option of providing personal information based on the publisher’s privacy policy instead of Apple’s.