Walmart reportedly considering streaming service after lower profits

According to a New York Times story, Walmart recently held high-level talks with the three companies and is considering adding a streaming service to its membership program, Walmart Costing $12.95 per month. Walmart currently offers free shipping on orders, discounts on fuel and a six month Spotify membership.

The potential deal comes less than a week after Walmart announced lower profit forecasts and subsequent layoffs of 200 employees.

A company spokeswoman said last week that they were updating their structure and changing select roles to give clarity and position the company for a strong future. At the same time, we are investing in key areas, like eCommerce, technology, health and wellness, supply chain and advertising sales, and creating new roles to support our growing number of services for our customers, suppliers, and the business community, the spokesperson said.

In late July, Walmart lowered its second quarter and full-year profit forecasts due to inflation and high gas prices.

In a statement, Walmart president and CEO Doug McMillon said that the increasing levels of food and fuel inflation are affecting how customers spend, and while we have made good progress clearing hard-line categories, apparel in Walmart US is requiring more markdown dollars.