And like that, he's gone: Aussie streaming service Presto to shut down

Goodnight, sweet Presto

Though it launched long before Netflix and Stan in Australia, Foxtel and Seven Media West’s streaming service Presto is expected to close down for good in January.

According to an official Foxtel statement, the pay TV company has acquired Seven’s shares in Presto and is planning to transition its customers over to its revamped Foxtel Play service starting from December.

The Australian cites Presto’s inability to compete with subscription video-on-demand services Netflix and Stan as the main reason for the decision.

Foxtel CEO Peter Tonagh offered an official comment on the matter, stating “It has been great working with the team at Seven on Presto and we look forward to future collaborations.”

Let’s Play

Foxtel Play subscription fees will also receive a huge restructuring by the end of the year, with prices starting at $10 per month for either the Lifestyle, Documentary or Kids packages.

Drama and Entertainment packs will go for $15 each or $25 for both. You’ll be able to add the Sports tier for $25 per month, and Movies will set you back an additional $20 per month.

“Foxtel is the Home of HBO and Showcase will be included in both the Drama and Entertainment tiers, which means that shows like Game of Thrones will now be available for $15 per month,” said Mr Tonagh.

He continued, “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."