Presto, Australia's third most popular subscription video streaming service, will be shutdown by January 2017 after Foxtel bought out the remaining stake in the company from its joint-venture partner Seven West Media. Here's what you need to know.
Update: Foxtel just announced what will happen to existing Presto customers. Details below.
Often seen as the poorer cousin of Netflix and Stan, Presto's future became more uncertain after its part owner Foxtel released its own digital streaming service in the form of Foxtel Play and Foxtel Go. The Australian Financial Review reported that Seven West Media, the company that teamed up with the pay TV provider to launch Presto, has sold its half of the subscription video on-demand service to Foxtel.
The writings had been on the wall after Foxtel announced it was gearing up to rejig its Foxtel Play subscription offerings that would introduce basic packages ranging from $10 and $15 per month by the end of the year. This would have been another direct competitor to Presto. It is likely Foxtel will integrate its Presto assets into Foxtel Play.
Presto customers will be invited to transition to the new Foxtel Play packages from December 2016. The Presto service will cease on 31 January 2017.
According to Foxtel:
"All Presto entitlements will be honoured; should any promotional entitlements remain after 31 January, Presto customers will be offered appropriate alternative content."