ITV and BBC are set to launch a joint video streaming service named BritBox.

In a statement, ITV said that the new venture will offer “an unrivalled collection of British boxsets and original series”, as the broadcasters look to take on the likes of Netflix (NASDAQ:NFLX) and Amazon Prime (NASDAQ:AMZN).

BBC director general, Tony Hall, said: “The service will have everything from old favourites to recent shows and brand new commissions.”

The service is scheduled to be in operation towards the latter half of 2019, with other partners expected to also collaborate.

The announcement came alongside ITV’s full-year results for 2018, reporting a 13% rise in pre-tax profits.

Despite growth, the broadcaster warned on a challenging advertising market amid “economic and political headwinds”.

Both company’s enjoyed a successful year, with the launch successful programmes such as Love Island and Golden Globe winning series The Bodyguard, whilst it remains to be seen whether BritBox will indeed attract Netflix’s loyal viewer base.

Netflix said it added 6.96 million new members in the three months to November 2018, taking its user base to 148 million worldwide.

ITV shares (LON:ITV) are currently -2.63% as of 14:49PM (GMT).