Analyst: Walmart+ Subscription Service on the Rebound

Walmart’s subscription-based membership service, Walmart+, saw modest uptick in subscribers to an estimated 18.4 million members, according to Wall Street investment firm Morgan Stanley, which cited an internal survey. The tally is still below the all-time high of 18.6 million subs last September.

Walmart+, which launched in 2019 offering free shipping on select items, Black Friday pricing, free access to the Paramount+ streaming video service, and limited access to the Spotify music streaming platform, costs $98 annually, or $13 monthly.

Analyst Simeon Gutman believes U.S. household penetration for Walmart+ hovers around 14%, and has seen choppy growth since 2021.

“Still, over that time period membership has grown by a cumulative 5 million members, equating to 250,000 net new members per month on average,” Gutman wrote in a note, adding that he believes the total addressable market for Walmart+ is 30 million members.

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