Cable giants Comcast and Charter Communications announced on Wednesday that they have entered into a 50:50 joint venture to develop and deliver a next-generation streaming platform for a variety of 4K streaming devices and smart TVs, providing world-class users. . Experience and navigation, all the best apps and more options in the streaming market.”
The company will offer app developers, streamers, retailers, operators and hardware manufacturers “the opportunity to reach customers in key markets across the country through the platform,” they said. The goal is “to provide users with the best streaming experience by giving them access to their favorite apps, based on Comcast’s Flex (streaming) product, which currently offers the most streamed streaming apps on the market.”
Comcast, led by President and CEO Brian Roberts, will license its joint streaming platform Flex and Hardware to the joint venture, with additional contributions from Xumo, the streaming service acquired in 2020, and XClass TV. The Charter will make an initial financial contribution of US$900 million, to be funded over many years.
The company’s products “can offer hundreds of free content through Xumo, a free ad-supported service that currently offers over 200 unique streaming channels,” the partners said. The NBCUniversal Peacock streamer will also appear on the new streaming platform, “along with other popular apps.”
The joint venture “does not include Comcast’s or Charter’s broadband or cable video businesses, which remain independent,” the companies said. The closing of the company is subject to customary closing conditions, they added.
“We look forward to partnering with Charter to bring this platform and its rewarding experience to millions of new customers,” said Dave Watson, CEO of Comcast Cable. “These products are designed to make searching and discovering live, on-demand and streaming video seamless and incredibly easy for users. “This partnership uniquely combines more than a decade of technical innovation with new opportunities to monetize nationally and our joint ventures.”
“Our new venture will bring a complete operating platform, new smart devices and TVs with a powerful app store that offers a more streamlined and integrated customer experience,” said Tom Rutledge, President and CEO of Charter. “As the video landscape evolves, this company will increase retail customer choice, compete with established national platforms, and join our existing versions of the Spectrum TV app available on consumer-owned streaming devices.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
