Foxtel halves price of Presto admitting ‘market has changed’ since launch

Foxtel has slashed the cost of its movie streaming service Presto by half amid rumours it has struggled to gain subscribers, admitting the market has “continued to evolve quickly” since it was originally conceived a year ago.

Launched with some fanfare in March the pay-TV company’s streaming service was priced at $19.99 per month,  but today the company said it was responding to changes in market conditions and “customer feedback” to “simplify the structure”.

The move comes as Nine Entertainment Co is preparing to launch its own offering StreamCo in the coming months, which will be priced at around the $10 mark, while rumours persist US giant Netflix will launch in the market early next year, with hundreds of thousands of Australians already thought to be accessing the service.