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Photo by Igor Golovniov/SOPA Images/LightRocket via Getty Images

AT&T will launch a new direct-to-consumer streaming service in late 2019 that will offer a collection of "WarnerMedia" (formerly Time Warner) content, the company wrote in a regulatory filing Wednesday.

Why it matters: The product will help AT&T accrue more customers while also capturing more of their current Pay-TV and skinny bundle customers' time, attention and dollars.

"We expect to create such a compelling product that it will help distributors increase consumer penetration of their current packages and help us successfully reach more customers."
— AT&T in its October 10 8-K filing

The details: The service will include content from WarnerMedia brands, starting with HBO and other Time Warner content. AT&T says it will feature films, TV series, libraries, documentaries and animation.

  • In a memo to staff obtained by CNN, WarnerMedia CEO John Stankey says the service will build off of HBO's programming and will package in other Time Warner content on top of that.
  • HBO already has a digital-only streaming service, HBO Now, which has over 5 million subscribers. Tens of millions of people have access to HBO digitally, but get that access for free through their HBO cable subscriptions.

AT&T says it will finance the launch through "incremental efficiencies" within the WarnerMedia operations (likely pulling resources from some less popular WarnerMedia brands), consolidating resources from smaller direct-to-consumer efforts (like their cartoon streaming service "Boomerang") and reusing existing technology.

The bigger picture: AT&T's new service will compete with other subscription video on-demand (SVOD) services, like Netflix, Hulu, Amazon Prime and Disney's direct-to-consumer service that's slated to arrive next year.

Expand chart
Data: AmazonNetflix, Hulu, Axios; Chart: Axios Visuals

Be smart: AT&T has a long way to go in catching up to some of the streaming giants that have captured large North American audiences, and are beginning to grow abroad.

Our thought bubble: If AT&T is able to build a streaming service that can compete with the likes of Netflix and Amazon, it too might be able to penetrate markets abroad with its media content.

Go deeper

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

4 hours ago - Health

Moderna says COVID vaccine shows strong immune response in kids

Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

Moderna on Monday released trial results for its coronavirus vaccine for children aged 6 to 11, saying it provides a "robust" immune response after two doses.

Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.

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