After Comcast Corp. (NASDAQ: CMCSA) announced that it would be joining the fray of online streaming services like Netflix, HBO and Hulu, the internet and cable company’s shares dipped on Friday.
Comcast calls its new streaming service Xfinity Flex, which will provide Xfinity Internet-only customers the ability to use their television and voice control to manage all the connected devices in their home and enjoy many of their favorite entertainment experiences on the big screen.
Available to all Xfinity Internet customers across the country starting next week, the Xfinity Flex service is packaged with an internet-connected, 4K HDR streaming TV device, which comes with Comcast’s award-winning voice remote, one integrated guide for accessing popular streaming video and music choices, as well as Comcast’s home Wi-Fi, mobile, security and automation services.
Xfinity Flex comes with more than 10,000 free online movies and TV shows — including live streaming TV — from ESPN3, Xumo, Pluto, Tubi TV, Cheddar, YouTube and more. Users can also integrate Netflix, Amazon Prime and more into the platform.
Matt Strauss, executive vice president, Xfinity Services for Comcast Cable, commented:
Xfinity Flex will deepen our relationship with a certain segment of our Internet customers and provide them with real value. For just five dollars a month, we can offer these customers an affordable, flexible, and differentiated platform that includes thousands of free movies and shows for online streaming, an integrated guide for accessing their favorite apps and connected home devices, and the ease of navigating and managing all of it with our voice remote.
Shares of Comcast were last seen down 1.7% at $39.36, in a 52-week range of $30.43 to $40.52. The consensus price target is $44.27.