Roku sells TVs, soundbars exclusively at Best Buy

Dive Brief:

Adding another retail partner, Roku has agreed to sell its Roku Select and Plus series TVs and the Roku Wireless Soundbar exclusively through Best Buy stores and its website, the company announced on Thursday.
While Best Buy is already selling Roku’s Select and Plus Series TVs in stores and online, the retailer will begin selling the Roku Wireless Soundbar in stores and online later this month, according to the announcement.
Brands can also work with Best Buy and Roku to better target ads to consumers on Roku using Best Buy shopper data, according to a press release.

Dive Insight:

Roku is continuing to partner with retailers to expand its reach. In June, the entertainment tech company worked with Walmart to test a new shoppable commerce feature. With the new capability, consumers who see Walmart’s ads can press the OK button on their remote controls and buy products at the checkout screen.

In its Q4 2022 earnings, Roku added 10 million net new active accounts, bringing the company’s total international active accounts to 70 million. Its net revenue rose 13% year-over-year to $3.1 billion, and its gross profits saw a 2% bump compared to 2021.

“Our goal is to make everything about a smart TV delightfully simple, from finding the TV that’s perfect for you, to opening and unboxing, to enjoying your favorite movies and TV shows,” Mustafa Ozgen, president of devices at Roku, said in a statement. “We made purposeful decisions to ensure that our Roku Select and Plus Series TVs embody what users love most about the Roku streaming experience, and we brought in our expertise in picture quality and audio to give consumers an entertainment upgrade at an incredible value.”

But Roku’s partnership with Best Buy comes as the retailer prepares to shift its physical store strategy. Earlier this month, the electronics retailer said its Q4 revenue dropped by almost 10% year-over-year to $14.7 billion. The company also said it plans to close between 20 and 30 large-format stores and open 10 more outlet stores. Best Buy’s sales drop coincides with a 6% decline year-over-year in electronics and appliances sales, according to data from the U.S. Department of Commerce’s Census Bureau.