Walmart is considering a streaming asset for its membership program, according to NYT, after holding high-level talks with the three companies in recent days. The Walmart membership currently includes free shipping on orders, discounts on fuel and a six month Spotify membership, all for $12.95 per month.
The news of the possible move comes less than a week after Walmart announced a layoff due to low profit forecasts.
A company spokeswoman told FOX Business last week that we are updating our structure and changing select roles to provide clarity and better position the company for a strong future.
The spokesperson said that they were investing in key areas such as eCommerce, technology, health 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.
Some 200 employees are expected to be affected by the layoffs.
Walmart lowered its Q 2 and full-year profit forecasts in late July. The company blamed the slump on inflation and high gas prices, which forced shoppers to spend their cash on necessities.
The increase in food and fuel inflation is affecting how customers spend, and we have made good progress clearing hard-line categories, and apparel in Walmart U.S. is requiring more markdown dollars, according to a statement at the time.