You read that right. Verizon has recently announced that it will offer a year's worth of subscriptions to top streaming platform Netflix for free if you subscribe to another service through its new streaming marketplace.
Reports tell us that Verizon Communications Inc. has recently launched Verizon +play, a one-stop service for managing streaming subscriptions.
Verizon's Newest Streaming Marketplace
A report from 9to5Mac tells us that the move is intended to promote Verizon +play. In the said new streaming marketplace, users can manage all their streaming subscriptions in one platform, and it also acts as a middleman.
If you need to learn what streaming middleman platforms do, think about Roku and Amazon. These companies offer access to streaming media content through online services. The two companies mentioned above currently lead this market, and Verizon is looking to throw in its hat.
Users who sign up for Verizon's Netflix deal will have access to content like NFL+ Premium, NBA League Pass, meditation app Calm, the Peloton workout app, AMC+, and language learning app Duolingo.
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With Verizon +play, customers will have to pay the same fee that they pay individual streaming platforms. Reports tell us Verizon profits from being a streaming middleman by cutting directly from the services.
What this Means for the Market
As reported by the Wall Street Journal, Verizon and Netflix have formed the latest partnership as streamers and connectivity providers compete to attract and retain customers.
It is part of a more significant effort by several large corporations to make it easier for people to manage their multiple streaming subscriptions.
Streaming services like Netflix have grown in popularity in recent years worldwide, and for many consumers, they have become a part of daily life. According to Statista data, rising demand has resulted in consistent annual revenue growth. Video-on-demand revenue exceeded $35 billion, with the US market accounting for most of global video streaming revenue in recent years.
The overall digital media industry in the United States is expected to grow to 157.7 billion US dollars by 2027. With the latest offerings from Verizon, middleman platforms and streaming services are all looking to increase their share of the big pie.
Based on the same 9to5Mac report, Netflix's support for this is a sign of desperation for a video-on-demand service that has lost well over a million subscribers this year and could lose another 25% by the end of the year.
Netflix has aimed to boost revenue by cracking down on password sharing and launching a lower-cost ad-supported tier. In addition, the company has been attempting to acquire exclusive sports streaming deals and experimenting with adding cloud-based gaming to its entertainment portfolio.
Verizon stated that the Netflix deal is currently available to approximately 30 million of its customers and that it plans to expand it to more subscribers in the future.
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