sorry more info - Nine Entertainment Co. and Fairfax Media have...

sorry more info -

Nine Entertainment Co. and Fairfax Media have formed a joint venture to launch a subscription video on demand service that will take on Foxtel and American giant Netflix.
As revealed by Fairfax Media, StreamCo will be owned 50:50 by Nine and Fairfax which have agreed to commit up to $50 million each to the venture over a multi-year period, including expenditure on marketing and advertising.
The companies said the service, which they expect to launch in the current financial year, will offer a "broad range of local and international programming to subscribers for a fixed monthly subscription fee" and that StreamCo had already secured a number of "cornerstone content" deals ahead of its launch.
It will offer a catalogue that includes TV series, movies, kids and family programming, and documentaries along with Nine's own content.
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The move is designed as a response to rapidly changing consumer habits as increasing numbers of people spend less time watching linear television and more watching instant downloads of videos and movies.
It is also an attempt to secure a foothold in the market before US video on demand subscription service Netflix, which already has more than 200,000 users here, attempts to launch officially in Australia.
As revealed by The Australian Financial Review, Nine's rival Seven West Media is in talks with Foxtel, owned by News Corp and Telstra, to joint its Presto video on demand service, which will go head to head against StreamCo.
Nine and Fairfax's respective CEOs, David Gyngell and Greg Hywood, will sit on the board of StreamCo.
StreamCo says it will provide "unlimited, on-demand viewing through a range of devices including television screens, tablets, PCs and mobile devices for a low fixed monthly price" with no minimum term commitment.
In a statement Mr Gyngell said: "I am excited about working with one of Australia's iconic media companies on this ground breaking opportunity. The combination of our two businesses will provide the joint venture with unprecedented distribution and awareness. I look forward to building one of Australia's greatest new media businesses."
Mr Hywood said: "We're delighted to join Nine in developing a compelling subscription video service. SVOD is a proven business model overseas, and we look forward to offering this service to our subscribers, and indeed all Australians. Fairfax will continue to seek innovative ways to engage and expand our audiences, and this is an opportunity to create value through participating in the next wave of media evolution. Nine is a fantastic partner and we look forward to working with them on StreamCo."