Walmart Stock Jumps 6.8% Over Reports It’s Launching a Cheaper Amazon Prime Competitor
Walmart stock finished Tuesday up 6.78% percent over reports the big box store is launching a cheaper Amazon Prime competitor. The stock finished at $126.95 per share in regular hours trading, the highest since May 18 and about $6 off its 52-week high set in April.
Recode reports that the subscription service will be called Walmart+ (Walmart Plus) and launch later in July and cost $98 annually. That’s $21 cheaper than Amazon Prime’s $119 yearly subscription. The Walmart+ subscription will include same-day delivery of groceries and general merchandise, discounts on fuel at Walmart gas stations, and early access to product deals, sources told Recode.
Walmart+ is planning to include streaming video services, but Recode reports there are few details about that. Amazon Prime currently has a vast library of television shows and films, and a slate of originals that include dramas “Bosch,” “Jack Ryan” and “The Boys,” comedy series “The Marvelous Mrs. Maisel” and “Modern Love” and reality competition “Making the Cut.”
Also Read: NBCUniversal's Fandango Buys Vudu Streaming Service From Walmart
On Wednesday, Walmart will launch Camp by Walmart on its app, featuring kid-friendly streaming content including make-up tutorials with Drew Barrymore and fitness programs with LeBron James. Neil Patrick Harris will serve as the “head camp counselor” to guide kids through various at-home activities. Camp by Walmart is a partnership with the retail startup Camp and interactive video platform Eko.
In August, Walmart will transform 160 of its store parking lots into contact-free drive-in movie theaters where customers can safely gather to watch movies programmed by the Tribeca Enterprises Drive-in team. Two drive-in nights are planned for a combined total of 320 screenings. Walmart has also teamed up with Tribeca for their currently running drive-in program, which TheWrap previously wrote about here.
In April, Walmart sold its streaming service Vudu to NBCUniversal’s Fandango.
TheWrap has reached out to Walmart for comment on Walmart+ and its services.
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