American entertainment company Paramount Global has partnered with retail giant Walmart to include its signature streaming service -- Paramount+ -- as part of the newly launched Walmart+ membership program.
For Walmart, the new partnership works to make Walmart+ more enticing for shoppers by adding a free streaming add-on to its service. In theory, this should make Walmart more competitive with Amazon, which offers Amazon Prime as an add-on for all its members. Now, Walmart+ will include same-day deliveries on over 160,000 Walmart products, discounts on gas and other products, and a free subscription to Paramount+, which just launched in 2020.
As of right now, Walmart has approximately 16 million active members, all of whom will receive a subscription to Paramount+ sometime in the coming weeks.
Image Credit: Paramount
Why This Trend Is Growing
- Streaming Service Retail Partnership
- Partnering with retailers to offer streaming services as a part of their membership program creates new opportunities for streaming services to tap into new customer bases.
- Comprehensive Retail Membership Programs
- Offering comprehensive membership programs with multiple amenities including entertainment streaming service subscriptions can provide retail enterprises with an edge in terms of customer loyalty and acquisition.
- Retail and Entertainment Industry Partnership
- This partnership gives an opportunity for retailers to provide customers with more exclusive access to entertainment streaming services, leading to increased customer retention and engagement.
Industries Being Reshaped
- Retail Industry
- Retailers can offer comprehensive, multifaceted membership programs including streaming services to drive customer traffic and loyalty, leading to greater customer engagement and retention.
- Entertainment Industry
- Partnering with retailers to offer entertainment streaming services as a part of their membership plans leads to market reach expansion, not possible in traditional streaming media distribution channels.
- Technology Industry
- Increased industry partnerships in the technology sector would benefit both retailers and streaming services in delivering a wider range of services and products to customers.
