Who needs another subscription service? Walmart is betting its millions of customers do - CNBC

Walmart's subscription service is Walmart+.

Chris Cracchiolo, head of Walmart+, said sign-ups and renewals for the service have remained steady in recent months.

Yet he said Walmart+ has attracted many budget-constrained consumers, too: About 1 in 4 Walmart+ members receive government-provided food assistance benefits.

Costco has continued to draw new members, and Walmart-owned Sam's Club has reported record-high membership.

Sam's Club does not disclose its membership count.

The company believes Walmart+ is more like a club membership, which shoppers use to stock up on essential items, than a streaming service that subscribers may drop after a favorite show's season ends and then renew when the series returns.

In August, it added Walmart Rewards, a program exclusive to Walmart+ members that allows them to save money on items and apply those savings toward future purchases.

The membership count for Walmart+ has hovered around 11 million to 11.5 million in the past three quarters, according to estimates by market researcher Consumer Intelligence Research Partners based on quarterly consumer surveys and industry research.

However, its leaders said on a recent earnings call that Walmart+ has added paying members to the program every month since the September 2020 launch.

That dynamic will boost Walmart+ membership too, Cracchiolo said.

Customers who are part of the program spend about twice as much as nonmembers, he added.