Presto Set To “Dramatically Increase” Content Offering
Formal signing of agreements establishing Seven and Foxtel’s partnership follows the Australian Competition and Consumer Commission’s decision not to oppose the joint venture, with Presto to “dramatically increase its content libraries” in the coming weeks.
In particular, Foxtel and Seven, which each hold a 50 per cent stake in the joint venture, have stated the joint venture is committed to expanding Presto’s ability to deliver first-run programming.
Presto is throwing down the gauntlet to the likes of Netflix and local competitor Stan as it stakes out territory in the highly competitive subscription video-on-demand (SVOD) market.
The joint venture was first announced in January, with the SVOD market becoming increasingly crowded throughout the course of the year.
Netflix landed in the Australian market in March, with Stan, the Nine Entertainment Co. and Fairfax Media joint venture, launching in January.
Upon commencement of the joint venture, Presto will be offering 4,443 TV episodes available across 254 show titles, with Presto Movies offering 879 movie titles, or more than 5,000 hours of content.
“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,” commented Shaun James, Foxtel director of Presto and on demand.
James, whowill act as interim chief executive officer of the joint venture while the management team is formed, added that upcoming first-run only on Presto programming will be unveiled in the coming weeks.
“We’ve already confirmed key agreements with content providers such as HBO, Showtime, and with our key shareholders Foxtel and Seven West Media, and we recently announced our first-run exclusive Australian launch of the entire series of Aquarius, starring David Duchovny, coming to Presto Entertainment and Presto TV on Friday, May 29,” he commented.