MUMBAI: Australian pay TV company Foxtel will launch a new entertainment streaming service on 25 May, entering the crowded streaming market.

The official announcement has ended all speculations regarding the launch that have been doing the rounds.

The next-generation streaming service, which will offer more than 10,000 hours of content including movies and dramas, will be competing with giants like Netflix, Amazon and Disney+.

Though there has not been any official announcement of the name, Foxtel had recently registered ‘Binge’ brand name and logo trademarks.

It is still not known the kind of subscription model the new streaming service will adopt. Media reports say it could be similar to that of Kayo, Foxtel’s sports streaming platform, which works on a monthly subscription free model.

The platform will be hosting content from Sony, BBC Warner Bros, and HBO Max. Over the last one-and-half years, Foxtel has been renegotiating content deals with studios to get SVOD rights for the new streaming service.

“There has been a lot of speculation about our new streaming service and its name, and we are pleased to finally be ready for the big reveal to Australia next week,” says Foxtel Group CEO Patrick Delany.

He termed the streaming service as Foxtel’s ‘growth engine’. The purpose of the new OTT, he said, will be to target consumers who seek to consume the premium content offered by the company.

“We have been beta-testing the service for a few weeks and we are sure Australians will love everything about it. It brings an exciting new brand to younger streaming audiences with a very different and compelling product experience, and a distinctly curated mix of the best drama and movies from the world’s best entertainment brands,” he added.

He said that the launch will be another milestone in the Foxtel Group’s strategy to transform itself and bring its unparalleled catalogue of entertainment and sports to even more viewers in Australia. “Our goal is to consolidate our position as Australia’s preeminent subscription television and streaming provider,” he said.

Foxtel’s subscription television service has 2.5 million customers, providing premium experience – the best of television and on-demand services.