Overstock has plans to create its own video-streaming service to rival Amazon and its Amazon Prime Video. That’s the word coming from CEO Patrick Byrne during the National Association of Television Program Executives conference.
Overstock, which makes claims that it’s the second largest Internet retailer after Amazon, said by mid-2015, it would unveil its own video-on-demand service with roughly 30,000 titles. A streaming service that included both original and acquired content would be available by year’s end.
Amazon’s original TV series “Transparent” won a Golden Globe recently, and announced it had plans to make movies for itself, beginning this year. It currently offers films and TV shows for purchase or instant rental. People who pay the $99 yearly Prime membership get access to this for free. They also music streaming and two-day free shipping.
Overstock is offering a $20 yearly loyalty membership that provides consumers with five percent back on all order and 40 percent on select items along with free shipping. The company said its video-on-demand service would be available to its loyalty club members and provide free streaming service.
Byrne said Overstock would be a direct competitor to Amazon. He said he feels the company’s loyalty program is far better than Amazon’s loyalty program. The company said it gives its consumers five to 25 percent on what they spend; and repay people back for any digital downloads.
Both Amazon and Overstock are in competition with Hulu and Netflix, offering both movie and TV streaming for nearly $95 a year. As it stands with Overstock and Amazon, are offering the video streaming as a membership program perk to attain loyal customers, who companies hope will spend money to purchase physical items.
According to Byrne, the company’s got the traffic, with about 25 to 40 million unique visitors every month. He said the company’s looking to get a bigger bottom line.