Overstock enters the video streaming market
January 23, 2015
Online retail giant Overstock.com is entering the video-on-demand and digital streaming party. Predicted in late 2013 by the American digital media company and news satire organization, The Onion, Overstock is fulfilling its “prophecy” and breaching the market.
By mid-2015, Overstock plans to release 30,000 titles available for rent or purchase through a yet-to-be-determined third party. By the end of the year, the video streaming service, featuring both acquired and original content, is projected to be up and running. There will be an additional fee for the videos.
Comparable to Amazon Instant Prime and other streaming service providers, Overstock will make the service available to Club O (the company’s loyalty program) members. Club O membership costs $19.95 a year — students, military personnel and first responders have free membership — and features free shipping and rewards for purchases ranging from 5 to 25 percent back.
Overstock CEO Patrick Byrne called this advancement is a “natural next step.”
And who’s to disagree? According to content reported in an article on CNET Magazine online, Overstock.com sees anywhere between 25 and 40 million visitors a month. There’s also been a 40 percent increase in Club O (the company’s loyalty program) memberships the past year.
“We already have the traffic,” said Byrne. “We’re looking for a bigger and bigger share of their wallet.”