The news: Walmart has revamped its streaming subscription offering and struck a partnership with Peacock to mark the 5th anniversary of its Walmart+ subscription launch. Walmart+ members can now choose between a courtesy subscription to the ad-supported tiers for Paramount+ and Peacock, with the ability to switch at no extra charge every 90 days.
Why it matters: The partnership comes at a fortuitous time for both companies. Walmart has been stepping up its effort to compete with Amazon, which itself offers a number of streaming services through Amazon Prime—including Peacock. NBCUniversal, meanwhile, is striking partnerships to expand Peacock’s reach ahead of the upcoming Olympics, Super Bowl, and FIFA World Cup.
Why Walmart? While Peacock and Paramount don’t have the same reputation for high-quality originals as other streamers, the former’s upcoming lineup of high-profile sporting events will appeal to lower-income consumers that Walmart is targeting.
- Walmart has gained ground against Amazon by catering toward lower-income consumers who may find an all-in-one offering of free delivery, streaming, and other services appealing.