Verizon Acquiring 24.5 Percent stake in AwesomenessTV

Bigger audience and better share of entertainment has been the major push behind many media deals. Could your favorite drama be heading to your mobile phone next?

Verizon paid greater than $100 million to strike a deal with online-video studio AwesomenessTV. It is being seen as the most recent effort by a mainstream corporation looking for growth in non-traditional video programming, which can attract more number of younger audiences via their tablets and smartphones.

Now Verizon and AwesomenessTV are partnering to create a premium short-form mobile video service which will be available through go90. The telecommunications giant said it will acquire a 24.5percent stake in AwesomenessTV. That makes the digital entertainment company's value to a huge $650 million.

Brian Angiolet, SVP of consumer product and marketing for Verizon said, "This is part of a bigger strategy that's been coming together where Verizon is hoping to diversify content and its distribution portfolio. We had a good relationship with Awesomeness already. We believe in the team there and their ability to drive audience and make amazing content."

eMarketer a research firm says an average U. S. adults spends about 3 hours and 8 minutes each day on mobile devices other than voice activities and Millennials are among the most active video watchers compared to any other age group in the United States.