There’s a new player coming to the streaming video arena, and it’s not a name you may have thought of.
Overstock CEO Patrick M. Byrne was speaking at the NATPE show in Miami on Monday when he announced that his company would be launching a streaming media service some time this year. It will launch in mid-2015 with 30,000 titles to start with and will feature both acquired programming and original content. “We already have the traffic,” said Byrne. “We’re looking for a bigger and bigger share of their wallet.”
Talking about the traffic to the site, Byrne stated that Overstock enjoys between 25 and 40 million unique visitors a month, and it will use their search histories on the site to determine what movies and TV shows they may be interested in. Once it does launch it will be available to members of the Overstock loyalty program which costs $20 a year, but there may be an unknown additional cost for the service.
“We will be a competitor to Amazon,” said Byrne. “We think our loyalty program is better than Amazon’s. We give you five to 25 percent back on what you spend. So we pay people back for their digital downloads.”
Overstock itself will not be responsible for the service, instead it will be farmed out to a as yet to be named third party.
Streaming media is very much all the rage right now with companies fighting tooth and nail to come out on top. The question, however, is just how many of these services are consumers willing to subscribe to at any one time. One of the main points of cord cutting is to reduce your monthly expenses, but subscribing to multiple services can quickly run that back up.