Presto Is Dead

The streaming video on demand game in Australia just got a little bit tighter. Australia's third-placed streaming service Presto will be closed by January, after news that part owner Foxtel has bought out its joint venture with Seven West Media, with likely plans to move all subscribers onto Foxtel Play.

Presto has always been the left shark to the more glamorous offerings of Netflix and Stan, all of which launched into Australia at similar times in early 2015. Presto has had a difficult life under its Foxtel ownership, with the subscription television behemoth kickstarting its own digital streaming offerings in Foxtel Play and Foxtel Go, for smart TV and set top box and mobile devices separately.

According to The Australian, which first reported the news, Seven will likely still produce content for Presto including Home and Away special episodes. Gizmodo has contacted Foxtel and Presto for comment, but an official announcement is expected shortly.

Update: :"Here's a statement from Presto: Foxtel and Seven West Media today announced that Foxtel will acquire Seven West Media’s interest in the Presto TV joint venture.

"Tim Worner, CEO and Managing Director, Seven West Media, said: “We look forward to continuing to work closely with Foxtel, in particular in the creation of new programming content.”

"Peter Tonagh, Foxtel CEO, said “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."

"From December 2016, Presto customers will be able to access the new Foxtel Play product. Presto will cease on 31 January 2017.

"Presto and Foxtel Play subscribers will have exclusive Australian access to two new Home and Away specials to be released this summer. The production of these Home and Away specials underlines the ongoing partnership between Foxtel and Seven West Media on content production for new consumer services."

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