Premier Retail Networks LLC (PRN), a Technicolor company and Costco Wholesale Corporation (“Costco”) (NASDAQ:COST), the third largest retailer in the U.S., this week announced a multi-year agreement to extend their longstanding relationship on Costco’s in-store media network and content strategy.
PRN and Costco have collaborated on the network since its inception in 2004.
Under the new agreement, PRN’s upgraded in-store media HDTV Network will provide Costco warehouses with a dedicated 3D content channel to support Costco’s 3D consumer electronics education initiatives.
Working closely with Costco to enhance engagement with their members, PRN is further integrating its HDTV Network platform with Costco’s technology infrastructure to support a wider range of media formats. This upgrade delivers high-quality video streams, enhances performance of video playback channelsacross the network, and is scalable to accommodate future technologies. The platform’s ability to evolve with future video / digital applications will enable Costco to continually showcase thelatest developments in consumer electronics.
“PRN continues to provide Costco with new and innovative ways to engage our members and bring the highest quality technology to in-store media,” said Paul Latham, vice president of membership and services.
“In addition to the important renewal of our longstanding relationship, we’re excited to bring 3D to Costco,” said PRN President Ahmad Ouri. “Costco Members benefit from this new platform as they can learn about and compare products and be entertained while they shop.”
Under the extended agreement, PRN will continue to provide Costco with:
- An integrated retail media solution including custom HDTV content, strategic programming, advertising sales, network operations, media management and scheduling
- Custom programming highlighting Costco’s differentiated services and department offerings, branded Costco content and consumer electronics education, produced by PRN’s Content and Creative Group
- Engaging product features with visually rich, custom HD entertainment and sports programming acquired from PRN’s growing strategic alliances with more than 150 premier content providers
The Costco network operates in 400 warehouses in the U.S., reaching more than 45 million members on a monthly basis (Source: Costco HDTV Viewership Study, The Nielsen Company, 2010).
About Costco
Costco currently operates 602 warehouses, including 435 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, 13 in Japan, eight in Taiwan, seven in Korea and three in Australia. The Company also operates an online commerce website, Costco.com in the United States and Costco.ca in Canada. Both websites offer an expanded product selection with many items not found in traditional warehouses. The Company plans to open up to an additional seven new warehouses prior to the end of its fiscal year on September 2, 2012.
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