The budding world ofmay have just landed its biggest patron yet. And it’s… ?
report by Reuters. Walmart didn’t immediately respond to a message seeking comment., the world’s largest retailer, said Thursday that it will launch an interactive video joint venture with , a startup with a long track record in the niche format. Walmart is investing $250 million in the joint venture as well as a round of funding, according to a
It could be the most ever invested in the newfangled format.
So far, the biggest companies to experiment with interactive TV have been Netflix, HBO and, to a lesser extent, Comcast. Netflix introduced interactive episodes last year with children’s specials and reportedly is widening the features to adult-oriented fare like . But the streaming company hasn’t disclosed how much money it’s putting into the effort.
But to put Walmart’s $250 million in context, HBO developed Mosaic — an interactive murder mystery by filmmaker Steven Soderbergh — with the company PodOp last year for $20 million. Even the total investment in Eko itself has been $60 million from investors like MGM Studios, Samsung, Sony Pictures and Intel.
Interactive TV is a format that has held promise for years as television migrated to internet-based streaming. For Walmart, it has the potential to unlock futuristic ways to entice shoppers to buy its products.
Walmart will use the joint venture, named W*E Interactive Ventures, to “deepen relationships with customers and connect with new audiences in innovative ways,” according to Scott McCall, the company’s executive for entertainment, toys and seasonal products in the US. “By partnering with organizations across the industry to create original, interactive content, we’re bringing the next generation of entertainment to customers and delivering memorable experiences they can only find at Walmart,” he said in a statement.
W*E Interactive Ventures will be led by Yoni Bloch, the CEO of Eko, and it will have input from big names in media. Jane Rosenthal, a film producer who cofounded the Tribeca Film Festival, will serve as strategic advisor, and Nancy Tellem, a longtime executive at CBS, will be on the joint venture’s board.
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Article credit: https://www.cnet.com/news/walmart-makes-a-big-bet-on-interactive-tv-with-eko-joint-venture/#ftag=CAD590a51e