As millennial preference and behaviour continues to rapidly drive new video consumption models, Verizon and Hearst have agreed to form a joint venture to develop digital video programming targeting the mobile millennial audience. The venture, which will be known as Verizon Hearst Media Partners following the completion of Verizon’s investment, will pair Verizon’s technology and Hearst’s digital video content and production capabilities to develop two initial channels of video programming to be distributed across go90, AOL and other distribution platforms, as well as through third-party networks and licensors.
“Verizon Hearst Media Partners represents the next step in the development of our media strategy, which is focused on disruption that is occurring in digital media, content distribution and ad tech, and involves building a video platform for digitisation, formatting, delivery and commerce,” said Brian Angiolet, Verizon’s senior vice president of consumer product and marketing. “On the heels of our acquisition of AOL and the launch of go90, developing a portfolio of content enables us to capitalise on the forces transforming the mobile ecosystem. In Hearst, not only have we found a partner with deep domain expertise, but also one who shares our point of view on the opportunities created by shifting paradigms and what it will take to win while creating the networks of the future.”