Walmart to Offer Streaming Service Paramount+ to Its Members

Stream with Walmart+

Walmart (WMT) has reached an agreement with Paramount Global (PARA) to provide Paramount+ to members of its Walmart+ program. Beginning in September, subscribers will get access to streaming videos in addition to the current membership perks that include free shipping for online orders, discounts on gas, and a 6-month promo of music streaming from Spotify (SPOT). The monthly cost is $12.95.

The terms of the deal include 12-months of exclusivity and two-years access to the Paramount+’s ad-supported service that includes shows like Halo and Star Trek.

Membership Sweeteners

The move intensifies the retailing giant’s competition with Amazon (AMZN). The two companies, already competing as low-price sellers, now will go head-to-head with their streaming services. The market share possibilities are enticing. Amazon Prime Video currently boasts about 200 million members globally.

Walmart+ was launched in 2020 and followed Amazon’s lead in using the membership to build brand loyalty as well as its customer base. Its $98 annual price tag comes in below Prime’s $139 charge. Amazon has also added sweeteners to its membership, most recently a year of Grubhub’s online restaurant delivery service.

Evolving Streaming Market

Paramount’s participation in the deal reflects increased competition in the streaming space. As more platforms enter the playing field it’s getting harder for companies to retain subscribers. As a result, there is a trend toward partnerships and bundled deals intended to help support continued growth.

Warner Bros. Discovery (WBD) recently announced plans to merge its HBO Max and Discovery+, with a summer 2023 launch date. The bundle preference was also highlighted by Disney’s (DIS) decision to boost the price of its stand-alone Disney+ service, while leaving its bundled package cost that includes Disney+, Hulu, and ESPN+ unchanged. Consumers may welcome the new offerings, if they can keep up with what is offered, where, and at which price point.

Things are changing daily within the financial world. Sign up for the SoFi Daily Newsletter to get the latest news updates in your inbox every weekday.
Sign up

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS22081702