Verizon Reportedly Cancels Plans for its Own Streaming TV Service

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All the cool kids on the block have their own streaming TV services these days, but it looks like Verizon might be following in Apple’s footsteps despite all that as it appears to give up on its own streaming TV option.

According to a report on Thursday from Multichannel, Verizon has decided to opt out of its plans to launch its own streaming TV service. The company had gone through various ideas, but the end goal always appeared to be to upend the “traditional” TV viewing experience, like what you’d see with a cable subscription, and what services like Hulu TV and all the others have tried to emulate in some way. The last report on Verizon’s plans was that the effort had been delayed until the spring of this year.

Verizon’s CEO, Lowell McAdam, has been vocal about his distaste for that traditional model, going as far as to say it’s already dead. As such, it wasn’t a surprise when previous rumors had suggested Verizon was planning on offering package deals, themed channel subscriptions for things like sports, entertainment, news, in standalone apps. But it looks like all of that won’t be coming to pass.

Instead, Verizon will be teaming up with some other streaming TV service or provider, all in an effort to get its Oath-branded content out there into the world, as McAdam pointed to earlier this week:

“Our view is that we should partner with those that are in the linear game,” Verizon CEO Lowell McAdam said earlier this week in this video interview with Yahoo Finance. “Let them be very good at what they do. We’ll add digital content into that mix, and we’ll position ourselves for where we become more of an over-the-top video culture versus the linear model that we have today.”

Oath runs brands like Yahoo! and AOL, but there is no word on what kind of streaming content Verizon plans on providing to whichever partner it decides on.

Verizon has been working on a streaming TV service for quite some time, maybe even dating back to 2014 when it purchased Intel-created over-the-top streaming technologies that never actually launched.

Our Take

There is no word on why Verizon has decided to opt out of its own streaming service, other than it appears to just want to partner with something that already exists. Considering its major wireless competitor, AT&T, has DirecTV Now on offer, it is even more curious that Verizon wouldn’t want to try and offer something competitive to that.

[via Multichannel]