Walmart to go against Netflix, Amazon Prime Video; new video streaming service in the offing

Retail giant Walmart seems to be prepping up to launch a low-cost streaming service. The new service will go in direct competition with Netflix and Amazon Prime Video, report The Information.

While the new venture would cost a fortune, it could potentially help Walmart in its ongoing battle with Amazon, which has grabbed a huge market share from many brick-and-mortar retailers.

The company is apparently planning to undercut the pricing of the existing streaming services, as well as reach out to the people who haven't already utilized streaming video, particularly in middle-America. Walmart is of the belief that the center of the country has a lot of potential customers. The streaming service could also include an ad-supported free tier.

The retail company already owns a video streaming service in Vudu. The app for the service is available for all the platform. However, users can only purchase and rent movies and TV programs, it doesn't offer a subscription option.

Talking of its rival, Amazon is stepping into the pet business with its own dog food. The new pet-centered branch will be called Wag. The new venture is named after Wag.com, which Amazon acquired back in 2011. The website now directs to an Amazon landing page. The dog food comes in different varieties.

The categories include chicken, beef, salmon, lamb, and turkey. It comes for both puppies and adult dogs and is sold in five-, 15-, and 30-pound bags. Since its hard to determine good food for your pet, the food providers have to put their products through various tests. The Wag line passes ingredients test, with the primary protein source and meat meal as the top two ingredients.

The food line also comes with a label "no grain added," which means that they aren't using foods like corn and wheat as filler ingredients. Amazon's new venture in the pet market can prove to be profitable for its revenue. Americans are projected to spend more than $72 billion on their pets in 2018.

Bloomberg's report also claims that the company has made about $2 million last year with its AmazonBasics branded pet carriers. While there are other players in the pet food business, there's plenty of room for Amazon to blend in. On top that the company will offer two-shipping through Amazon Prime membership.