AT&T sets sights on Netflix, preps its own streaming video service

Anyone one else have stuff they want to stream?

It seems like everybody wants to jump into the video streaming pool. Amazon recently entered the fray with its Fire TV set-top box, and now it seems AT&T wants to get into the game as well.

The Associated Press reports the blue carrier has teamed up with the Chernin Group investment firm. The pair has apparently formed an online video venture designed to compete with Netflix and Hulu.

Supposedly the companies are putting $500 million behind the new venture whilst also combining their online video assets.

AT&T already provides its U-verse service as an online TV alternative, and it packs over 205 HD channels. The Chernin Group also brings a major addition to the table as it owns a major stake in Crunchyroll, a popular subscription-based streaming service for East Asian media that includes manga and anime.

According to an AT&T spokesperson who spoke spoke with TechRadar, the new streaming service doesn't have a launch date yet. The same spokesperson also noted that it's too early to say if the service will be available outside the Untied States.

The crowded streaming field

This partnership comes as no surprise since every company that can looks to be launching its own streaming solution. Even AT&T rival Verizon purchased Intel's cloud TV arm in order to build its own internet video empire.

Oddly enough, both AT&T and Verizon are still in talks with Netflix to establish faster connections for what soon could be the companies' own competitor.

Beyond wireless carriers, cable companies are also scrambling to shake up their own offerings with more online video options.

Recently Time Warner and Comcast announced plans to become an even bigger cable company as well as combining their online video empires. The companies expect to provide even more combined VOD for home viewers and through a future network of one million hotspots.

Via Yahoo News