Wal-Mart to Buy Vudu, Eyes Online Movie Service
Wal-Mart Inc is expected to buy Vudu online movie on-demand service in the coming weeks as the world’s largest retail store chain eyes new business ventures in the World Wide Web.
The move will put Wal-Mart on a direct collision course with Netflix, the biggest online movie store service today.
World’ largest retail store Wal-Mart Inc on Monday announced plans of buying online movie on-demand service Vudu in a bid to take out market shares from the dominant Netflix Inc. The deal is expected to be closed out within weeks.
In an interview, Wal-Mart spokespersons confirmed the said deal but refused to detail the financial terms between the two companies.
Under the said deal, Wal-Mart will integrate Vudu’s online video technology with its well-rounded marketing strategy as it prepares to take on Netflix and other established movie distributors in the World Wide Web.The retail giant is vying to make more profit with Vudu as more viewers are expected to migrate from the traditional movie rentals to the Internet.
"Vudu's services and apps platform will give Walmart a powerful new vehicle to offer customers the content they want," said Vudu executive vice president Edward Lichty.To date, Vudu has over 16, 000 movie titles under its belt and has the largest collection of high-definition movies.
The program is also integrated to various television models from Mitsubishi Electric Corp and LG Electronic Inc, making it more viable for business. Meanwhile, Vudu startup investors include Benchmark Capital, Greylock Partners, and Artis Capital.
Meanwhile, its competitor, Netflix has over 12, 000 titles and has more than 12 million unique subscribers to its “Watch Instantly” service.
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