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Walmart to build a streaming service to take on Amazon
https://www.whatjobs.com/news/usa/us-business-news/walmart-to-build-a-streaming-service-to-take-on-amazon
By Nithya Bose in US business news, posted August 11, 2022
Walmart is aiming to add a video streaming service to compete with Amazon Prime.
Company executives have been holding discussions with executives from Walt Disney, Comcast and Paramount about a streaming deal.
It is not known yet whether the talks have resulted in any kind of agreement, but the retail giant wants to form a partnership with one of the three streaming giants.
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Disney owns Disney+, ESPN+, and Hulu, while Comcast operates Peacock and Paramount runs Paramount+ and Showtime services.
Walmart has tried to expand its Walmart+ subscription since launching the service in 2020.
A subscription costs $12.95 a month or $98 annually and offers free shipping on online shopping in addition to gasoline discounts.
To build interest, the company has added bonuses such as six months of the music streaming service Spotify.
Walmart has made previous attempts to enter the streaming market, but has struggled to compete.
After failing to gain momentum, Walmart sold its Vudu on-demand streaming service to Fandango, a division of Comcast's NBCUniversal, in 2020.
Meanwhile, Amazon has substantially invested in expanding its own Prime Video service, including original content and live sports.
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Prime Video is included with its Prime membership, which costs $14.99 per month or $139 per year in the US.
Amazon has also recently added a year's free Grubhub restaurant delivery services for Prime members.
Walmart and Amazon compete in a variety of ways, and this time with membership services.
After acquiring Whole Foods, Amazon expanded into physical stores and pharmaceutical services.
It agreed to purchase One Medical, a health clinic operator, last month.
From its side, Walmart has been expanding its food delivery services and developing its own health clinics.
The organization has also been striving to grow its digital business by listing more items from third-party merchants that sell on Amazon and expanding its own digital advertising business.
Source: The Wall Street Journal
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