Verizon Communications Inc. (NYSE:VZ) has unveiled a new initiative that extends its best phone upgrade deals to both new and existing customers.

Starting May 30, the Ultimate Phone Upgrade will allow Verizon's current and prospective users to enjoy top-tier offers for new devices without the need to switch carriers or worry about the condition of their trade-in phones.

With Verizon's Unlimited Ultimate plan, customers can access the company's best promotions for upgrading to the latest 5G phones, equipped with 5G Ultra Wideband.

The plan includes 60GB of mobile hotspot, high-speed international roaming, and global calling to a country of choice.

Extending beyond phone upgrades, the company is set to provide exclusive deals from premium streaming and content partners.

As part of these deals, YouTube Premium will be available as a monthly myPlan perk starting May 30, offering the service for $10 per month, a 30% discount.

Subscribers can enjoy ad-free videos, offline viewing, and access to YouTube Music Premium.

Additionally, Comcast Corp's (NASDAQ:CMCSA) Peacock will join Verizon's +play content hub on June 5. This includes content such as blockbuster movies, Peacock Originals, new episodes from NBC and Bravo, extensive live sports coverage, and special broadcasts from the 2024 Paris Olympic Games.

Verizon also allows customers to bundle various streaming services into a single, cost-effective plan. For example, the Netflix Inc (NASDAQ:NFLX) & Max (with ads) perk can be combined with the Walt Disney Co's (NYSE:DIS) Bundle for a total of $20 per month.

This package includes Disney+, Hulu, ESPN+, Netflix (standard with ads), and Max with ads.

Verizon stock has gained more than 12% in the last 12 months. Investors can gain exposure to the stock via Vanguard Communication Services ETF (NYSE:VOX) and IShares Core High Dividend ETF (NYSE:HDV).

Price Action: VZ shares are trading lower by 0.05% at $39.34 in premarket at the last check Wednesday.