According to Bloomberg, Verizon is planning on launching the service this summer, adding yet another option in a crowded market. AT&T, Hulu, YouTube, Sony and SlingTV already offer impressive packages.

The streaming service will include "dozens of channels" and will most likely be similar to DirecTV Now and SlingTV, with plans ranging anywhere from $20 all the way up to $60. The new streaming service will be separate from Verizon's Go90 service and independent from FiOS Home TV.

The list of streaming services keeps growing, and consumers keep winning

Not too long ago we compared the three primary streaming options: SlingTV, DirecTV Now and PlayStation Vue. In the subsequent months, more services from YouTube, Hulu and now Verizon have come up to give consumers even more choice. This is the perfect example of market competition benefiting consumers.

The streaming services are very much a response to cord-cutting. High-priced cable packages are now seen by many consumers as an archaic form of consuming television. Instead they're opting for alternatives like Netflix and HBO Now coupled with a subscription to a cable streaming plan with access to more channels.

Once Verizon announces its services, we'll bring you all the details.