As a result of the Walmart streaming deal, Paramount jumps in the market.
Paramount Global reached a deal with Walmart Inc. to offer its streaming service to subscribers of the retail giant’s membership program.
Under the agreement, Walmart+ members will have access to the Paramount+ Essential plan, an ad-supported version of the streaming service, at no additional cost, according to a statement Monday. The offering may bolster Walmart’s appeal as it tries to win customers from Amazon.com Inc., which offers Prime Video streaming to its members.
The Walmart+ program, which costs $12.95 a month or $98 a year, includes perks such as free shipping and discounts on gasoline. The Paramount+ Essential subscription has an added value of $59 a year, the companies said. It includes shows from the company’s CBS, Nickelodeon, and other channels.
Shares of Paramount rose 1.4% on Monday. Walmart gained 0.3%.
The relationship is similar to the ones other streaming services have used to acquire customers. Walt Disney Co.’s Disney+ launched as a free add-on for Verizon Communications Inc. customers and T-Mobile US Inc. has a similar deal with Netflix Inc.
Walmart was in the streaming-video business for a time before selling its on-demand service, Vudu, to Comcast Corp.’s Fandango two years ago. Amazon has made a big splash tying its Prime Video service to its overall subscription product, which offers free shipping and other perks.
With assistance from Brendan Case