The purveyor of household supplies and affordable clothes might next bring us interactive toy catalogs and cooking shows. Walmart (WMT) said Thursday that it is building out its video entertainment options through a joint venture with interactive video technology developer Eko to make original Walmart video content and products.
XWalmart Video Efforts
Previously funded by Sequoia Capital, Intel Capital, Samsung, Walmart and other entities, Eko sees the future of video as interactive. According to Variety, Walmart has invested $250 million in Eko.
"At Eko, our mission is to evolve past basic personalization and partnering with Walmart will accelerate that evolution," said Eko CEO Yoni Bloch. "We're working alongside some of the most creative people from Hollywood and around the world, and we invite others to join us in making great interactive content."
The partnership, W*E Interactive Ventures, follows Sunday news that Walmart would join forces with movie studio MGM to create original series for the Walmart video platform, Vudu.
Vudu Product and Ad-Supported VOD VP Scott Blanksteen told Variety that it will be a "great source of family-friendly, advertiser-friendly content" that won't be available anywhere else.
It's not unusual for retailers to turn to entertainment, particularly in the wake of the Amazon (AMZN) build-out of its critically acclaimed TV and movie library for Prime members. The Information reported Wednesday that Costco (COST) is mulling a free streaming video service for executive-level members of the retail warehouse.
Walmart video offerings will likely not fully rival Amazon or Netflix's anytime soon, however, as company sources have told Reuters that is not the plan.
Walmart Stock
Amid a volatile session, the Dow Jones component closed down 1.9% at 93.92 in the stock market today. Walmart stock found support at its 50-day moving average this week as it rides the momentum from its August earnings report.
Amazon sank 2%, continuing its sharp drop after Wednesday's sell-off.
Costco stock rose 0.35% but remains below its key 50-day line after sinking on earnings last week. Late Wednesday, Costco reported that October same-store sales grew 8.4% vs. a year earlier.
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