Amazon shuts down Freevee free streaming service in August, integrating content into Prime Video

According to Zhitong Finance APP, Amazon (AMZN.US) announced that it will terminate its independent free streaming television service at the end of next month, planning to integrate the content into the Prime Video platform. This service, named Freevee, was launched in 2019 based on IMDb (the film and television information website acquired by Amazon in 1998) and primarily provides free ad-supported video content through an application, including original series and some Prime Video resources. User notifications indicate that the Freevee application will close in August, at which point users will be able to watch related series and movies for free on Prime Video without subscribing to Amazon Prime membership. The notification clearly states: "Prime Video will become the new exclusive platform for Freevee's TV series, movies, and live television." Reports indicate that Amazon revealed last November that it would gradually shut down the Freevee service to "provide users with a more streamlined viewing experience." This adjustment comes just six months after Prime Video introduced ads in January 2024. Currently, Prime Video is included in the monthly $15 Prime membership, and it can also be subscribed to as a standalone service for $9, with an additional $2 to remove ads. So far this year, Amazon's stock price has remained almost stagnant, with only a 0.4% increase year-to-date as of the time of writing, significantly lagging behind the S&P 500 index's 5.7% gain. However, analysts believe that with the second-quarter earnings report approaching, this e-commerce giant is likely to see an opportunity for stock price appreciation. According to FactSet data, Amazon is expected to announce its second-quarter earnings report around July 31. Prior to that, the company will hold its annual summer Prime Day promotional event from July 8 to 11, which is expected to bring a sales peak. Truist Securities analyst Youssef Squali released a report on Wednesday, raising Amazon's target stock price from $226 to $250, indicating about a 13% upside from Tuesday's closing price of $220.46. He also maintained a "buy" rating, citing that Amazon's second-quarter performance may exceed market expectations