US-based retailer Walmart has let go of its plans to launch a low-cost video streaming service, and will instead focus on its existing video-on-demand service Vudu, CNBC reported, citing sources familiar with the matter. Reports came out this summer that Walmart was mulling the launch of a subscription streaming video service, with the aim of undercutting Netflix and Amazon on price. The company decided however not to go forward with its plans when talks last year fell through with Mark Greenberg, the CEO of Epix at the time. Greenberg had been interested in developing a service aimed at "Middle America" but the high level of investments necessary to launch such a service became a balking point for Walmart.
Vudu, under Walmart e-commerce head Marc Lore, will continue to focus on a broader library of movies and shows, a Walmart spokesperson said.
Greenberg, meanwhile, has held talks with several other retailers, including Costco, about building out a service, but no agreement has been reached.
