The company is in talks with potential programming partners about the service, which will target users who don't have Verizon's FiOS TV and broadband package, according to Reuters, which cites "several people briefed on the plan." That demographic gives Verizon a target audience of 85 million people. FiOS has 5 million subscribers.
Details about the potential service are fuzzy. One source told Reuters the "focus would be packages of movies similar to Liberty Media's Starz Play and Viacom's Epix or could involve children's programming from a partner such as Walt Disney Co. or Viacom." As for pricing: "Most likely, Verizon would want to price any such service competitively with Netflix," the report says.
Sources in the article say Verizon has been in discussions with content providers about such a service for about two years. The content providers are concerned about souring their relationships with competing cable companies.
Fresh competition would be bad news for Netflix, which has seen a reversal of its fortunes this year after a series of events beginning with its decision to raise prices in July. The company's stock is now trading at around $68, less than a quarter of its peak price just before the announcement.
BONUS: How Netflix Lost Two-Thirds of Its Value in 3 Months
July 13, 2011
Netflix stock more than doubled over the previous year, then increased by 15% in May to reach its last all-time high in July of $300.
Sept. 1, 2011
Netflix cancelled its $9.99 combined streaming and DVD plan and separated the services into two separate $7.99 plans.
Photo courtesy of Flickr, matthew393
Sept. 19, 2011
Netflix CEO Reed Hastings introduced Qwikster, the company that would take over its DVD service.
Oct. 10, 2011
Recognizing that Qwikster would end up "making things more difficult" for its customers, Reed Hasting announced that Netflix will forego DVD rebranding.
Oct. 24, 2011
By Monday Oct. 24, over 805,000 Netflix customers had cancelled their subscriptions due to the company price hike.
Image courtesy of Flickr, Ross Catrow
Oct. 25, 2011
By premarket trading Tuesday morning, Netflix stock had fallen another 10% since the evening before.
July 13, 2011
Netflix stock more than doubled over the previous year, then increased by 15% in May to reach its last all-time high in July of $300.
Sept. 1, 2011
Netflix cancelled its $9.99 combined streaming and DVD plan and separated the services into two separate $7.99 plans.
Photo courtesy of Flickr, matthew393
Sept. 19, 2011
The stock dropped 50% from its July 13 all-time high.
Netflix Price Stock Chart by YCharts
Sept. 19, 2011
Netflix CEO Reed Hastings introduced Qwikster, the company that would take over its DVD service.
Oct. 10, 2011
Recognizing that Qwikster would end up "making things more difficult" for its customers, Reed Hasting announced that Netflix will forego DVD rebranding.
Oct. 24, 2011
By Monday Oct. 24, over 805,000 Netflix customers had cancelled their subscriptions due to the company price hike.
Image courtesy of Flickr, Ross Catrow
Oct. 24, 2011
Down to $85 share price from $300 this summer, Netflix's stock fell 27% following the announcement that it had lost 800,000 customers.
Netflix Stock Chart by YCharts
Oct. 25, 2011
By premarket trading Tuesday morning, Netflix stock had fallen another 10% since the evening before.
Image courtesy of Flickr, tar0
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