Verizon is preparing its own internet-delivered TV service, according to a report by Bloomberg.
The telecom giant has been working to secure streaming rights to several networks, the report said, citing "people familiar with the matter." The new service could launch as soon as this summer.
The live online platform would be distinct from both of Verizon’s existing distribution platforms, the Fios bundle and the go90 streaming service. The skinny bundle would give Verizon an answer to Dish Network’s Sling, which was rolled out in 2015 and DirecTV Now, which went live last fall. Hulu is preparing to launch its live service in a couple of months and YouTube's skinny bundle is set to launch later this year.
The push to reinvent the TV package comes as mounting research shows a steady increase in customers cutting the cord. Earlier this week, an SNL Kagan report said 2 million U.S. homes became broadband-only in 2016, bringing the total to 15.4 million, or 13%, a level the research firm expects to nearly double by 2021.
Overall video subscriber losses, estimated to be 1.7 million in 2016, broke records but still represent just 2% of the cable industry’s total base.