Paramount+ Joins Walmart's Membership Program in Effort to Boost Subscriber Numbers

Paramount+ has a secret weapon it hopes will grow its subscriber base. The platform's parent company, Paramount, has partnered with Walmart to offer the streaming service to subscribers of Walmart’s membership program, Walmart+. The deal will give Walmart+ subscribers access to Paramount+’s essential tier, which costs $4.99 per month and is ad-supported. The news comes as rumors swirled that Walmart was in talks with companies including Disney and Comcast around subscription video-streaming deals. The arrangement could be a win-win for both Walmart and Paramount+. Previous partnerships between streaming services and internet and phone service providers gave streamers a crucial boost in subscriber numbers. Now, Walmart and Paramount+ are trying to emulate those deals. “Paramount has enjoyed a close relationship with Walmart for years, and Walmart customers connect with Paramount's beloved brands, content and characters every day through a range of consumer products available throughout Walmart stores," said Jeff Shultz, chief strategy officer and chief business development officer, Paramount Streaming, in a statement. “Now, pairing Walmart’s expansive reach across the country with Paramount+'s broad and popular content that offers something for everyone is a unique opportunity to expand our partnership. Together we will bring Walmart+ members the full breadth of Paramount+ programming.” Paramount+ added nearly five million subscribers last quarter, growing to over 43 million, and the company’s overall direct-to-consumer base reached nearly 64 million. Back in February, Paramount announced that it expects its streaming portfolio will reach its initial 2024 subscriber goal of 65-75 million subscribers—set in 2020—by the end of 2022. In May, Paramount raised that goal to 100 million DTC subscribers by the end of 2024. Walmart launched Walmart+ in 2020 in a move to compete with Amazon Prime, which currently has more than 200 million members. The membership program includes benefits like unlimited free delivery and fuel discounts from some gas stations and clocks in at $12.95 per month. “We know Walmart+ is providing members real value in their every day—from grocery shopping to filling up their tank and more,” said Chris Cracchiolo, svp and general manager of Walmart+, in a statement. “With the addition of Paramount+, we are demonstrating our unique ability to help members save even more and live better by delivering entertainment for less, too. Eighty-five percent of U.S. households use streaming services and Paramount+ has the premium content and broad appeal that our members are looking for—like Walmart, they have something for everyone. We’re excited about the launch and what comes next for Walmart+.” The retailer already has some experience with subscription partnerships, currently offering a free six-month subscription to Spotify Premium. Additionally, this isn’t the first time Walmart has dipped its toes in the streaming landscape. The company bought video-on-demand company Vudu in 2010 but then sold it to Fandango in 2020.