Time has released an update to its TIME Magazine app adding support for Newsstand on iOS 5 devices. TIME Magazine provides iPad users with access to the well known periodical with the ability to either purchase a monthly or yearly subscription or simply buy individual issues on-demand from directly within the app. Digital issues are released weekly and contain all of the news and features found in the corresponding print edition along with bonus international content, extra photos and video and live updates from Time.com. Version 6.1 adds iTunes based, automatically renewing subscriptions and moves the TIME Magazine app to the Newsstand section on iOS 5 where subscribers can now take advantage of automatic background downloading of the latest issues. TIME Magazine requires iOS 4.0 or later, with iOS 5 requires for Newsstand support and is available from the App Store as a free download. Individual issues are available via in-app purchase for $5 each or users can purchase in-app subscriptions for $3/month or $30/year.