Walmart wishes to enter video streaming business with a new service to rival Netflix and Amazon Prime Video, sources revealed the news on Monday. The Arkansas-based retailer is thinking about launching a low-cost subscription-based video streaming service.
Retail behemoth Walmart is said to be putting a price point below under $8 a month for the service, making the platform cheaper than both Netflix and Prime Video. The company is also reportedly considering an ad-supported free tier. Company officials stated that the new cheaper service would become popular among their current customers.
Walmart already has a video streaming service in Vudu. It owned the platform back in March 2010 but it eliminates subscription option. It’s not clear whether Walmart will settle a streaming service with its own original content or strive to obtain acquire a studio or other entertainment unit.
There’s also the question that how the retailer giant will catch up to the big hitters as the Netflix and Amazon are spending billions of dollars offering original content. Facebook and Apple are also stepping their foot in the water.
Walmart has not officially declared the launch of a service and its officials declined to comment on the report.
Of course, Walmart has more than enough money to spend on this new platform but it will be difficult to draw viewers away from the existing services as other tech companies are getting better at creating popular services.
As a part of another development, Walmart reported that it would join Microsoft to incorporate cloud-computing technology into its digital running.