Seoul, South Korea & New York City – Technology company Samsung Electronics Company signed a $6.6 billion deal with telecommunications giant, Verizon Communications Inc. This agreement means that Samsung will provide fifth generation (5G) services to Verizon customers. The deal runs through until the end of 2025.
5G refers to the next generation in wireless technology. 5G is supposed to bring faster speeds and less latency to devices, further developing on the ideas of previous generations. In 2018, Samsung’s goal was to capture one fifth of this new generations market.
The 7.898 trillion South Korean-won pact compares to the five trillion South Korean-won revenue that Samsung’s network business earned in 2019. Currently, 5G is less than half of the South Korean electronics firm’s business, but Samsung will look to expand their reach in the near future.
What does this deal mean for the future of wireless technology and services?
Image Credit: Adrien/Unsplash