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Must-Know Updates from the Tech and Telecom Sectors

PART:
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Part 6
Must-Know Updates from the Tech and Telecom Sectors PART 6 OF 7

Why Verizon Is Offering Credits to Users

Verizon is offering credits in exchange for web-browsing data

As we mentioned in the previous part of the series, competition is heating up in the telecom sector. Each major player is trying to offer something different to its users in order to lure customers.

In an effort to diversify, America’s biggest carrier, Verizon (VZ), said it will offer credits to its wireless subscribers, which they can use in many ways including movie premiers and concert tickets. Subscribers earn credit by paying bills. Every $300 spent by customers will earn one credit. The company said the credits will last for 60 days.

Why Verizon Is Offering Credits to Users

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The digital ad market is already dominated by Facebook and Google

However, this program, named Verizon Up, will give the company access to its customers’ web history, location data, and app usage. The company says it will use the data to customize rewards and deliver targeted ads.

This deal is the carrier’s bid to build an online ad business and compete with the likes of Facebook (FB) and Alphabet’s (GOOG) Google, who dominate the US digital ad money currently.

Verizon’s core business has been falling. The company’s wireless segment created revenues of $89 billion in 2016. As the graph above shows, this represents a decline from the previous year. The carrier is trying to step up its digital ads business to offset the dwindling growth in its core business.

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