Walmart has reached a streaming deal with Paramount+.
The retailer announced Monday that it will offer the Paramount+ streaming service at no extra cost to subscribers of Walmart+, a membership program designed for frequent Walmart shoppers. The Walmart+ service offers benefits such as unlimited free delivery and fuel discounts from participating gas stations, running for $12.95 per month. In addition to Paramount+, the service provides a free six-month subscription to Spotify Premium. A Morgan Stanley survey in May said the service has around 16 million members, an increase from about 15 million the previous November.
“We know Walmart+ is providing members real value in their every day–from grocery shopping to filling up their tank and more,” Chris Cracchiolo, senior vice president and general manager of Walmart+, said 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+.”
In recent weeks, the retailer reportedly had discussions with several media companies—Paramount, Disney and Comcast—to include streaming in its membership service. Walmart has been exploring different strategies to maintain a foothold in the streaming market, as evidenced by its purchase of Vudu, an on-demand video service, in 2010. Unfortunately, it couldn’t compete with its rivals and sold Vudu to Fandango in 2020. Walmart has also invested in Eko, an interactive video company.
Paramount+, which launched in 2021, is home to hit shows such as Halo and several Star Trek spinoff series. The streaming network reported it has more than 43 million subscribers at the end of its latest quarter.
“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,” Jeff Shultz, chief strategy officer and chief business development officer, Paramount streaming, added 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.”
The Wall Street Journal first reported the Walmart-Paramount+ deal.