The BBC and ITV have confirmed plans to work together and launch a paid for streaming service called the Britbox by the end of this year.

The Britbox will mainly feature archived BBC and ITV shows alongside new British commissions made exclusively for the for the service.

ITV has encouraged other broadcasters like Channel 4 and Channel 5 to join their programming. A range of TV programmes like classic drama box sets and popular sitcoms are expected to feature on the service.

I am really pleased that ITV and the BBC are at the concluding stage of discussions to launch a new streaming service

However, BritBox will not have the latest BBC and ITV shows, which will remain available through the catch-up BBC iPlayer and ITV Hub services.

The price has not been announced yet although there’s speculation that it will be competitively priced.

The hugely risky BritBox project demonstrates the extent to which traditional British ways of making and paying for TV must now be subjected to thinking outside the box.

The BBC and ITV will provide a further update when a formal agreement is reached.