Originally Published: 16 AUG 22 09:29 ET

By Frank Pallotta, CNN Business

(CNN) -- Walmart+ — in its effort to become a true competitor to Amazon Prime — will offer Paramount+ as part of its membership offering, the companies announced Monday.

Starting in September, Walmart+ subscribers will have access to Paramount+'s wide array of content from series including "Star Trek: Strange New Worlds" to films such as "Sonic the Hedgehog 2" as well as live sporting events.

The move bolsters both companies' offerings. For Walmart, it now has a streaming video component to lure subscribers away from rival Amazon Prime. As for Paramount, its service will likely get a boost in customers by being tied to a bundle from a major retailer like Walmart.

For consumers, it's also pretty good deal, considering it includes a Paramount+ Essential subscription, which normally costs $4.99 a month, bundled within Walmart+'s $12.95 a month price tag.

"With the addition of Paramount+, we are demonstrating our unique ability to help members save even more and live better by delivering entertainment for less, too," Chris Cracchiolo, senior vice president and general manager of Walmart+, said in a statement Monday. "Paramount+ has the premium content and broad appeal that our members are looking for — like Walmart, they have something for everyone."

The move is just the latest in the bundling evolution of the streaming world.

As video streaming matures and subscription growth slows down, companies have been merging services together internally or bundling with an outside partner to give themselves a leg up.

For example, Warner Bros. Discovery, CNN's parent company, announced earlier this month that the long-awaited merger of its two streaming services, HBO Max and Discovery+, will debut in the US next summer.

And Disney, one of the most popular services in the streaming marketplace, raised prices on its premium offering, Disney+, last week without hiking up the cost of the Disney Bundle, which includes Disney+, Hulu and ESPN+ — a decision that could push consumers to sign up for all three services rather than just one.