All stations go for Seven West, Foxtel JV Presto
DetailsRebecca Hawkes | 19 May 2015
Australia's Seven West Media has formalised its joint venture with pay-TV provider Foxtel for the subscription video-on-demand (SVOD) service Presto.
The partners now plan to "dramatically increase" the SVOD service's content library and build its 'First on Presto' Australian exclusive offer, having already announced it will be first to air the much anticipated US series Aquarius locally.
Shaun James, director of Presto and On Demand at Foxtel, will act as interim CEO of the 50:50 joint venture, while the management team is formed.
Presto's content offering will consist of 4,443 episodes available from 254 TV shows while Presto Movies offers 879 film titles.
"Presto has been steadily building its content proposition and the formalisation of our joint venture with Seven puts us in a position to dramatically ramp up our plans to be a major player in Australia's SVOD sector," said Shaun James.
The joint venture, which was first announced in January 2015, was given the seal of approval by regulator the ACCC in March.
Presto TV is available for A$9.99 a month, or for A$14.99 a month when bundled with its movies on-demand arm.
Presto has joined an increasingly competitive SVOD marketplace, with the entrance of Netflix Australia in March, and local rival Stan, jointly run by Fairfax Media and Nine Entertainment, earlier in the year.