Verizon Communications to prep its Internet-based streaming service by Mid-2015

Verizon recently revealed that the company has plans of launching their own Internet-based streaming and is expected to be available by the middle of next year (2015). This announcement was made by Lowell McAdam, the CEO of Verizon Communications during an investor conference and remarked that they’re “very focused” regarding this development. The CEO also expressed his views about the subject stating that “I think over-the-top video is right around the corner. We’ve got the assets in place, and I don’t feel like we need an awful lot more.”

Presently, Verizon is already nearing the finalization stage of their agreement with different major content companies such as CBS, ABC, NBC, FOX, Dreamworks, and other digital start-up companies like Awesomeness TV. This move from Verizon means that they would be in direct competition with Netflix, one of the top companies offering this kind of service. The only difference is that Verizon would be able to provide live streaming of sports or news channels.

This announcement wasn’t unexpected as Verizon already made a deal last January 2014 to purchase Intel’s media division. This is a branch of the company which focuses on developing cloud TV products and services. Before purchasing this division, Intel hinted that they’re planning to launch their own internet TV service named OnCue but this project didn’t push through. The confirmation that it won’t push, was revealed through the news of Verizon’s purchase of such technology.

Verizon’s CEO has acknowledged the growing market for this service as many people are pulling away from cable television and preferring this kind of service which provides flexibility and convenience as opposed to cable television where people would need to choose from hundreds of channels before selecting a program that they want. Customers nowadays have their own preference about what they want to see and when they want to view the program.

Other companies have already jumped the bandwagon in terms of streaming services. One of which is Sony, which just completed a deal with Viacom which gives the company access to selected channels such as Comedy Central, Nickelodeon, and MTV.