Hispanic media powerhouse Univision Communications has launched Univision Now, a $5.99-per-month Internet video service that features live broadcasts of the Univision and UniMás networks for Spanish-speaking viewers. The SVOD service features DVR-style replays of its live programming for up to three days after broadcast, in addition to on-demand access to primetime shows up to seven days after airing. Univision Now — offering the networks’ full slate of news, sports, telenovelas and award shows — is available via the Internet and iOS and Android apps.

“According to Univision, its audience leads in live TV viewing and also overindexes on smartphone usage and digital-video consumption — a perfect storm for a livestreaming-centered OTT service tailored to Spanish-speaking consumers,” reports Variety.

While some programming, such as movies, may not be available through the new service due to rights restrictions, Univision says it has digital-distribution rights for live sports. Univision Now will offer local newscasts in Houston, New York and Los Angeles with more major markets to follow.

“Univision’s jump into OTT comes as pay-TV subscribers in the U.S. have been steadily declining, with media companies concerned about retaining viewers amid the shifting landscape,” notes Variety. “Other Internet-video services from traditional TV programmers — which cut out cable, satellite and telco TV distributors — include HBO Now, CBS All Access, Showtime, NBCUniversal’s Seeso and WWE Network.”

According to The Wall Street Journal, Univision’s new offering also comes at a critical time for the company, since Univision recently announced its plans to go public. Univision Now “could bring the company a new source of revenue as it continues to chart its course toward an initial public offering.”