Business
Walmart Reaches Streaming Deal With Paramount+
(CTN News) – According to a person familiar with the matter, Walmart is offering Paramount Global’s streaming service through its Walmart+ subscription service.
To drive sales and deeper customer engagement, Walmart+ was launched nearly two years ago. Members get free grocery delivery and gas discounts as part of the program, similar to Amazon Prime.
Since launching the service, the retail giant has declined to share subscriber numbers.
According to market research firm Consumer Intelligence Research Partners, its membership count has plateaued. As of July, Walmart+ had 11 million customers – the same as in April.
Paramount+ is one of many streaming services. In addition to “Star Trek,” “The Godfather” and “SpongeBob Squarepants,” Paramount+ has 43.3 million global subscribers.
By 2024, the company wants 100 million subscribers.
This deal with Walmart will give Paramount+ a new distribution channel to add subscribers and boost its branding.
According to a person familiar with the deal, Paramount+ is the only streaming service that has struck a deal with Walmart and wants to launch exclusively to get full marketing attention.
Walmart+ subscribers will get Paramount+’s “essential” tier, which costs $4.99 per month and includes commercials. For $9.99 per month, Paramount offers a premium product without ads.
It declined to comment. Paramount did not respond immediately. WSJ first reported the deal.
Tuesday, Walmart will report its second-quarter earnings.
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