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.
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.
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,