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Verizon Communications ‘ ( VZ ) Go90 mobile video service was “overhyped,” Verizon CEO Lowell McAdam said at an investor conference Tuesday. McAdam downplayed expectations for Go90, speaking at the JPMorgan financial conference in Boston. “I think maybe it did get a little over-hyped, and I’m sure we contributed to that to a certain extent,” McAdam said. “We didn’t believe it was going to move the needle on a $130 billion revenue stream overnight. It’s one of those things you have to work into.” Verizon has not disclosed how many subscribers it has for the ad-supported Go90 service, which targets millennials (ages 18 to 34) and “Gen Zers” (teens). Launched in September, Go90 provides a mix of original Web TV series, live sports, concert streaming, prime-time TV and other offerings. Verizon’s Go90 is usually lumped with emerging over-the-top (OTT) video services, such as Dish Network ‘s ( DISH ) Sling, but the mobile app also competes for millennial attention with the likes of Alphabet ( GOOGL ) parent Google’s YouTube, Facebook ( FB ), Instagram and Snapchat. “We have seen enough success to make us excited about continuing to work it. We’re on pace,” McAdam said. “Bottom line is that Go90 is in a good spot from our perspective. We’re going to continue to pursue it. But our expectations are realistic.” At an analyst meeting in April, Verizon executives indicated they might expand Go90 to multiple video streaming platforms this year. As for speculation that Verizon remains the front-runner to acquire the main business of Web portal Yahoo ( YHOO ), McAdam acknowledged interest, though it’s not the first such acknowledgement by Verizon executives. “We can’t talk about Yahoo, but that’s a possibility,” McAdam said at the conference, news website TheStreet reported . “That’s a possibility to gain greater scale.” Verizon stock was up a fraction, near 49.50, in midday trading in the stock market today . Scalper1 News
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