Australian Streaming Service Presto To Close In January

The subscription-based video streaming industry was starting to become crowded, with an array of similar services all offering slightly different content. Now, it appears the first scalp has been claimed with Australian-based service Presto to close its doors come January.

As Fairfax Media reports, the news comes with the announcement that Seven West Media will be selling their share of Presto to Foxtel. The service will discontinue from 31st January, with subscribers being offered access to Foxtel Play to get them their fix.

Foxtel’s Chief Executive Peter Tonagh says that despite the demise of Presto, Foxtel looks forward to working with Seven in the future.

“It has been great working with the team at Seven on Presto and we look forward to future collaborations. We are delighted to be able to offer Presto subscribers access to the new look Foxtel Play, which we know will be highly attractive to them,” he says.

Foxtel announced Presto as their subscription based movie service back in 2014. Soon after, Seven West Media scored a 50 per cent stake. Now, Foxtel will be reclaiming that 50 per cent back.

Seven West Media chief executive Tim Worner also seems pretty confident this wasn’t the last you’ve seen of Seven and Foxtel. “We look forward to continuing to work closely with Foxtel, in particular in the creation of new programming content,” he says.

Foxtel Play will be launching in December with a variety of subscription tiers and packages for movies, documentaries, drama and lifestyle, but at the moment, Netflix and Stan remain as the two major subscription-based video streaming services still kicking in Australia.