Walmart has made a significant move in the tech industry by acquiring the popular mid-range TV maker Vizio for a whopping $2.3 billion. This acquisition is aimed at expanding Walmart's advertising business, as Vizio boasts a profitable advertising platform that is rapidly growing through its SmartCast OS, which currently has over 18 million accounts.
The retail giant believes that the combination of its media business, Walmart Connect, with Vizio's advertising platform will create meaningful connections with millions of customers who shop with them each week. This strategic acquisition is seen as a way to redefine the intersection of retail and entertainment, according to Seth Dallaire, Walmart U.S.' executive vice president and chief revenue officer.
Vizio, known for its quality TVs, recently revamped its smart TV software to enhance the platform's user experience. While Walmart has been selling Vizio TVs in the U.S. for some time, the company exited the Canadian market in 2021. It remains unclear whether Walmart's purchase of Vizio will result in the return of Vizio TVs to Canada.
Despite Vizio TVs not being officially available in Canada at the moment, some third-party retailers like Walmart and Best Buy still offer refurbished Vizio televisions. In Canada, Walmart mainly sells Roku-powered TVs, as well as lower-end LG, Philips, and Samsung TVs, in addition to its own Onn brand.
Overall, Walmart's acquisition of Vizio represents a significant step in expanding its presence in the tech and entertainment industry, and it will be interesting to see how this partnership unfolds in the future.
