Verizon Wireless is foraying into other areas as it tries to test the waters of mobile video streaming with Go90.

Buoyed by its acquisitions of Millennial Media and AOL, the network operator is branching off in a different direction as it explores the area of content production, as well as works towards becoming an effective ad platform.

Judging by Verizon's recent announcements, it would seem that it is taking calculated steps into the world of digital media.

Earlier this month we reported that Verizon was working towards launching Go90, a mobile video streaming service that will be ad-supported. Go90 is poised for an end September launch for not only Verizon subscribers, but all mobile users.

With the launch of Go90, Verizon is reinventing itself as a content producer and ad platform. Go90 will offer users access to an array of TV programs, live videos and event.

Verizon is looking to target users in the demographic 18 to 34 years as they make up 70 percent of those who see videos on mobile devices. Go90 will bring to users not only original content, but also shows from channels such as Food Network, NFL Network, ESPN, Discovery, MTV, VH1, Comedy Central, SPIKE and more.

Moreover, users of the free Go90 service will be able to create profiles and share clips to Twitter, Facebook and other social media sites. They will also have the option of following the profile pages of friends, favorite TV shows or celebrities. There will also be a "crew" option whereby users of Go90 can join groups of special interest.

For those wondering how Verizon will make money if it is offering the service for free via a mobile app - it is through ads and data plans. The Go90 app will be ad-supported which will rake in the revenue for Verizon. The company is optimistic that this approach will generate more revenue when compared to a subscription-fee based model.

Reportedly, Verizon is also considering content sponsorship and is in conversation with advertisers for the same.

With more and more competition in the mobile video streaming space, Verizon will have its job cut out. Rival AT&T also has a mobile video service in the pipeline to capture the burgeoning market.