Spotify is teaming up with Walmart to give Walmart+ subscribers six free months of streaming music.
Walmart+ is the national retailer’s answer to Amazon Prime, which offers free two-day shipping and a myriad of other benefits to subscribers. It’s likely that Walmart is hoping the added benefit of a music subscription service will entice people to sign up, especially since Amazon Prime offers streaming music.
Starting March 8, new and existing Walmart+ subscribers will receive six months of Spotify Premium for free.
The limited-time offer is available to new and existing Walmart+ members, but only to those who haven’t tried Spotify Premium yet. It’s Spotify that wants to boost those membership numbers in 2022, but how many of those free trial members will stick around after six months?
“Our Walmart+ members have told us they’re passionate about music and entertainment, so our collaboration with Spotify is just one more way to add value to our Walmart+ membership,” says Chris Cracchiolo, SVP and GM of Walmart+. It’s a lot of words to say that Walmart needed a music streaming partner to make its grocery subscription service as competitive as Amazon’s.
Spotify’s share price hit a new 52-week low during trading last week. SPOT stock traded as low as $135.53 and continued to fall this week. SPOT has lost 46.14% of its value since the start of 2022 and far less than its initial offer of $169 per share when it debuted in 2018.
Spotify has long sought hardware partnerships and ties with other companies to help expand its reach. In 2019, the company announced an expanded partnership with Samsung to offer new phone owners a six-month free trial of Spotify. Spotify is also installed as the default music streaming service on all Samsung devices. Much like the Walmart+ deal, Spotify only wanted new accounts – existing Spotify subscribers are out of luck.