Verizon Communications Inc. (NYSE:VZ) is planning to launch a new mobile app store that would serve as an alternative for consumers, according to report from The Information.
Google Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Apple Inc. (NASDAQ:AAPL) currently dominate the mobile app market.
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Verizon aims to create an industry coalition
The report indicated that Verizon Communications Inc. (NYSE:VZ) is in talks with other carriers and hardware manufacturers regarding the matter. The largest wireless operator in the United States aims to create an industry coalition to open a global mobile app store.
Verizon Communications Inc. (NYSE:VZ) also wants to develop a mobile app store that enables software developers to take full advantage of the specific features offered by wireless carriers while providing consumers new ways to discover mobile apps.
Verizon targets Android devices for mobile app store
Verizon is targeting a new mobile app store for devices powered by the Android operating system of Google Inc (NASDAQ:GOOG), according to the report. At present, approximately one billion people are using Android devices worldwide.
Google Inc (NASDAQ:GOOG) (NASDAQ:GOOG) is currently sharing 30% of its revenue from the sale of mobile apps in its store to carriers, device manufacturers and distribution partners. Apple Inc. (NASDAQ:AAPL) does not share any mobile app revenue.
Last year, consumers spent around $10 billion on Apple’s App store. The search engine giant does not release its revenue from Google Play.
Update on Verizon exchange offers
Separately, Verizon Communications Inc. (NYSE:VZ) announced the expiration and the final results of its previously announced eleven separate private offers to exchange specified series of debt securities issued by the company and its subsidiary, Alltel Corporation.
The company said the settlement date for the exchange offers is expected t on August 21, 2014. Verizon Communications Inc. (NYSE:VZ) expected to issue an aggregate principal amount of $3,304,145 new Notes due 2020 and $4,500,038,000 of new notes due 2046 and $5,500,001,000 of new notes due 2054 to satisfy the exchange offer consideration on such tendered old notes. The company will not receive any cash proceeds from the exchange offers.