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The Nine Entertainment Company and Fairfax have confirmed that StreamCo, a new subscription video on demand service, is a joint venture with the two companies are investing $50 million each over a multi-year period.
StreamCo is expected to launch in the 2015 financial year and will include a catalogue of TV series, documentaries and movies, with both local and international content.
According to the joint statement, a "number of cornerstone" content deals have already been made and the technical infrastructure of StreamCo is in its final stages.
Taking on competition
While no pricing details have been mentioned, the monthly fixed-fee subscription service is expected to cost about $10, bringing it in line with prospective competitors Quickflix and Foxtel's Presto, though Presto only offers films.
"Nine's deep background in the television industry in Australia and understanding of Australia's viewing preferences will be complemented by Fairfax's experience and strength in subscription services and digital products," the companies said in the statement.
Among other local services expected to come to Australia, US-based streaming service Netflix is also looking to launch in Australia in 2015, though it should be noted that many Aussies already access the US version of the service for less than $15 a month through the grey waters of VPN usage.
StreamCo will be made available on TVs, mobile devices and PC.