Presto will not continue after this finale.
Presto will not continue after this finale.

Presto killed off as Foxtel shuts down joint venture

AND Presto, it's gone.

Initially launched as a competitor to Netflix, Presto will go off air from January 31 next year, with customers "invited to transition" over to Foxtel Play from December.

The changes come as Foxtel -- which owns part of Presto -- bought out the remaining shares owned by partner Seven West Media.

Foxtel has been quick to spruik the benefits for Presto subscribers, saying they will have "more premium first-run television programs and more recent movies than ever before".

The decline and ultimate failure of Presto is the first casualty in the streaming market, which caused panicked media companies to build after Netflix flagged its intention to land in Australia.

With the death of Presto, customers will now be left with the choice of Netflix, Foxtel Play and Stan -- owned by Fairfax and Nine.

In the hope of staying competitive, Foxtel Play will have new pricing, which will include two drama packages for $15 per month each, or both for $25.

Paying $10 per month will give you one package of either lifestyle, documentary, and kids, and $25 months extra per month for sports and $20 per month for movies.

According to Foxtel, that means a sports package can be bought for a minimum of $35 a month.

For comparison, Netflix stars from $8.99 per month.

Stan costs $10 per month.