The Information has recently report that Walmart is thinking about getting into the streaming video business and will soon launch its own video streaming platform soon.
It’s been on news that company is said to be considering offering plans at under $8 a month, along with an ad-supported free tier. Which is less than Netflix and Amazon Prime Video cheapest plan in the US.
But it’s worth noting that Walmart already has a video streaming service known as Vudu. The platform was introduced by the company back in March 2010, but hasn’t really been able to capitalize on its investment in the past eight years. In March, Bloomberg cited comScore research that saw Vudu users spending less than two hours a month on the platform, while folks spent about 25 hours a month on Netflix.
There’s also the question of catching up to the heavy hitters. Both Netflix and Amazon are busy expanding worldwide and spending billions of dollars producing original content. Meanwhile, Facebook and Apple are also planning to get into the business Walmart will face a tough competition in the market.
Well we all know that Walmart has plenty of money to spend but it’s not going to be easy drawing viewers away from the services they’re now used to, especially since these companies are getting better at making not just delivering what people want to watch.
Nearly one million new households subscribe to streaming video services every month in the US, where the market is slated to grow to $84 billion by 2022. We could say that Walmart will also be able to make a good money out of it.
There is not an official statement from the company yet so we all need to wait until the company decide to provide any such news.