 "In battle with Amazon, rival Walmart pushes deeper into entertainment")
Walmart is going Hollywood. The world’s largest retailer, in a constant battle with its rival Amazon, said this week that it was teaming up with two entertainment companies, one old school and the other on the industry’s cutting edge. Metro-Goldwyn-Mayer has agreed to create short-form original series for Walmart’s ad-supported streaming service, Vudu. Those are expected to debut early next year. It is the first of many studios that Walmart expects to work with in creating new content for Vudu, a spokesman for the retailer said Wednesday.
Walmart is also investing in a joint venture with Eko, a New York start-up that focuses on “interactive storytelling,” a video format that allows viewers to control the plot of commercials and television episodes.
The investment with Eko totals $250 million, according to two people briefed on the matter who spoke on the condition of anonymity to discuss details of the deal. It is thought to be the largest bet on the interactive entertainment niche, which has long tantalised producers as a potential gold mine but has never gained widespread adoption.
“We are not trying to become a studio,” said Scott McCall, a senior vice president for entertainment, toys and seasonal at Walmart. “It is our hope that we will work with studios to reimagine what new content looks like.”
Walmart’s foray into entertainment comes as the company, based in Bentonville, Ark., seeks to expand its business beyond brick-and-mortar retailing. With most of the nation saturated by its big-box stores, Walmart has been experimenting with a flurry of new ventures, including starting a high-end concierge service in Manhattan and acquiring India’s leading e-commerce site, Flipkart. Walmart’s substantial investment represents a validation for Eko, which was co-founded by the 37-year-old Yoni Bloch, who described himself as “a relatively famous singer in Israel.”
He has also been a judge on the Israeli version of “American Idol.”
©2018 The New York Times News
Walmart is also investing in a joint venture with Eko, a New York start-up that focuses on “interactive storytelling,” a video format that allows viewers to control the plot of commercials and television episodes.
The investment with Eko totals $250 million, according to two people briefed on the matter who spoke on the condition of anonymity to discuss details of the deal. It is thought to be the largest bet on the interactive entertainment niche, which has long tantalised producers as a potential gold mine but has never gained widespread adoption.
“We are not trying to become a studio,” said Scott McCall, a senior vice president for entertainment, toys and seasonal at Walmart. “It is our hope that we will work with studios to reimagine what new content looks like.”
Walmart’s foray into entertainment comes as the company, based in Bentonville, Ark., seeks to expand its business beyond brick-and-mortar retailing. With most of the nation saturated by its big-box stores, Walmart has been experimenting with a flurry of new ventures, including starting a high-end concierge service in Manhattan and acquiring India’s leading e-commerce site, Flipkart. Walmart’s substantial investment represents a validation for Eko, which was co-founded by the 37-year-old Yoni Bloch, who described himself as “a relatively famous singer in Israel.”
He has also been a judge on the Israeli version of “American Idol.”
©2018 The New York Times News
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%