Categories LATEST, Retail

Walmart takes a step closer towards building video streaming service

There were rumor mills suggesting that Walmart (WMT) is mulling a subscription streaming video service to battle with peers Netflix (NFLX) and Amazon (AMZN) in this space. But it is not clear how the Bentonville, Arkansas-based retail mogul will be launching its own streaming service. It appears that the rumors are true as Walmart took a step closer to its plan. Reports say that Walmart is working with the former CEO of Epix, a premium cable network, on the potential service.

Walmart is running neck-and-neck with Amazon, be it the grocery space, delivery or ebooks. Now in an attempt to take on Amazon Prime, which has more than 100 million Prime Subscribers, Walmart plans to start the streaming service. The latest news by Variety confirms that the retail giant has partnered with the cable-industry veteran Mark Greenberg to work on its new business venture. Walmart is yet to make an official announcement on the same.

Walmart is working with the former CEO of Epix, a premium cable network, on the potential service.

Today, the video-on-demand service is largely being dominated by Amazon and Netflix. But it was Walmart that initially held a unique position in this sector, mainly because of Vudu that it grabbed in 2010. This gave Walmart an entry into the online-movie-rental business. Vudu’s struggle began when Netflix and Amazon began offering original series. And Walmart’s new project is said to function separately from Vudu.

Related: Walmart plans launch of video streaming service to compete with Netflix

According to Variety, Greenberg is working with Amazon to take a closer look at the possible service, with price and content designed to target ‘Middle America’. It has been rumored that Walmart will look for a subscription fee of $8 per month that is much below Netflix’s charges. However, not much is known about the kind of content that would be available on Walmart’s streaming service. Other major players in this space include Apple (AAPL), Disney (DIS) and Hulu.

Most Popular

Stock Watch: Is Darden Restaurants a good buy after earnings?

After a prolonged slowdown, the restaurant industry is returning to normal patterns but macroeconomic uncertainties and high inflation are currently playing spoilsport for it. While the pandemic-related slump forced many

Lennar (LEN) believes that despite near-term challenges, the long-term prospects for housing remain strong

Shares of Lennar Corporation (NYSE: LEN) were down 3% on Monday. The stock has dropped 36% year-to-date and 25% over the past 12 months. The homebuilder delivered mixed results for

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top