Heads of Samsung and Verizon Strengthen Ties for Next-Gen Communication Technologies

On June 4, Lee Jae-yong, Chairman of Samsung Electronics, met with Hans Vestberg, CEO of Verizon, in New York to discuss cooperation in next-generation communication fields and the sale of new Galaxy products. The meeting focused on leveraging AI-based technology and service plans, exploring the prospects of next-generation communication technologies, and strategizing to enhance customer value through technological innovation.

During the meeting, both leaders exchanged views on expanding the Android ecosystem for Verizon customers and collaborating to boost sales of new Galaxy products in the second half of the year. They also discussed joint promotions for new Galaxy products and ways for customers to experience the AI features of the new Galaxy models in Verizon stores.

The meeting was attended by key Samsung Electronics executives, including Roh Tae-moon, head of the Mobile eXperience division, Kim Woo-jun, head of the Network division, and Choi Kyung-sik, president of North America operations. After the meeting, Chairman Lee emphasized the importance of excelling in common business areas while pioneering in unique ventures, saying, “Let’s excel in the businesses that everyone is doing and be the first to succeed in the businesses that no one else can do.”

Samsung Electronics plans to strengthen its cooperation with Verizon, its fifth-largest revenue source and the world’s largest telecommunications company, to foster next-generation communication businesses. This collaboration is expected to accelerate the development and deployment of advanced communication technologies, benefiting both companies and their customers.

Earlier this year, Samsung Electronics launched the world’s first AI smartphone, the Galaxy S24, solidifying its position as a “first mover” in the global telecommunications market. The company continues to support existing products like the Galaxy S23, Z Fold 5, Z Flip 5, and Tab S9 with software updates to enable customers to benefit from ‘Galaxy AI,’ thereby promoting the expansion of AI technology.

Samsung Electronics’ global presence as one of the world’s largest technology companies, combined with Verizon’s dominance in the telecommunications industry, underscores the significance of this collaboration. The partnership aims to leverage AI and next-generation communication technologies to enhance customer value and drive innovation in the tech industry.

The historical context of Samsung and Verizon’s collaborations, particularly in the development and deployment of 5G technology, highlights the ongoing and evolving nature of their partnership. As the telecommunications market rapidly evolves with significant investments in AI and next-generation networks, the collaboration between Samsung and Verizon is poised to play a crucial role in shaping the future of communication technologies.