Verizon Wireless and Hearst have announced the formation of a joint venture to develop digital video programming targeting the mobile millennial audience.
This comes even as millennial preference and behavior continues to rapidly drive new video consumption models. The venture, which will be known as Verizon Hearst Media Partners following the completion of Verizon’s investment, will pair Verizon’s leading technology and Hearst’s digital video content and production capabilities.
That will then 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. Brian Angiolet, the Verizon’s senior vice president of consumer product and marketing said the partnership is a step towards the right direction for their business. Angiolet said they expect to reap maximum benefits from that.
“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 digitization, formatting, delivery and commerce,” he said in a press statement dated March 2. “On the heels of our acquisition of AOL and the launch of go90, developing a portfolio of content enables us to capitalize on the forces transforming the mobile ecosystem.”
He added that they have found the best partner they would have wished for. “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.” The venture will initially launch two channels: RatedRed.com and Seriously.TV with RatedRed.com being a multiplatform digital video channel for millennial from the heartland and will offer the audience a brand of their own.