Foxtel, Seven West add TV to Presto

Foxtel has confirmed it is forming a joint venture with fellow Australian broadcaster Seven West Media to launch an SVoD service dedicated to TV series.

Presto Entertainment will be a 50/50 joint venture between the two Aussie firms and will offer a “massive” library of television series by early 2015, according to the partners.

The deal, which is subject to regulatory approval, had been anticipated ahead of the launch of a number of other rival SVoD services offering TV content down under.

The move into TV comes after Foxtel was forced to slash the monthly subscription fee for its Presto Movies streaming service, which it launched in March.

SVoD content from both companies will be incorporated into Presto’s existing online subscription library, while customers will be able to subscribe to Presto Movies or the Presto Entertainment service as standalone products or bundled together.

The latter is expected to feature a range of locally commissioned and internationally acquired content, including drama, comedy, factual and entertainment programming.

More details will be released in the coming weeks, while pricing for the new service will be confirmed closer to launch, Foxtel and Seven West Media said.

“TV is the final piece in Presto’s entertainment puzzle and today’s news positions us well to take it to the next level by offering the best in local and international TV to new and future subscribers,” said Richard Freudenstein, Foxtel CEO.

Among the new SVoD platforms set to launch in Australia next year are US-based Netflix, which is also due to arrive in New Zealand in March, and Stan, a joint venture between broadcasters Nine Entertainment and Fairfax Media, which has today further bolstered its line-up.