British broadcasters prepare to take on Netflix
The BBC and ITV have confirmed a joint venture to create a streaming service to rival Netflix. The reaction has not been overly positive, but the broadcasters might be running out of options as the demands of the global TV industry shift.
Is there room in the UK for another digital streaming service? ITV (LON: ITV) and the BBC certainly hope so. This morning, the UK’s two largest broadcasters have confirmed they are in the "concluding phase of talks" to create a rival to Netflix (US: NFLX). The US streaming giant, which paved the way for a new era in television, currently has just under 10m subscribers in the UK who pay £5.99 for the basic subscription. BritBox – the name of ITV and the BBC’s joint venture – will reportedly cost £5 a month and will house the "best of British…