BBC and ITV have said they are in the "concluding phase of talks" to launch a platform to rival Netflix.
BBC director general Tony Hall said the broadcasters plan to launch BritBox in the UK in the second half of 2019.
Reports suggest the service will be priced at £5 a month, though neither the BBC nor ITV have yet revealed the price. Buy Tony Hall did say it would be "competitive".
ITV chief executive Dame Carolyn McCall said BritBox would be a place for the "best of British creativity".
BritBox has already launched in North America, with Lord Hall saying growth was "ahead of expectations" with 500,000 subscribers.
He said: "Research with the British public shows that there is a real appetite for a new British streaming service - in addition to their current subscriptions."
BritBox is not intended to replace BBC iPlayer or ITV Hub though it will host boxsets from both broadcasters. ITV said it will spend £25 million on the joint venture in 2019 and £40m on 2020.
Dame Carolyn said the service would be "one permanent, comprehensive home where anyone in Britain can get all of our library content - both the ITV and BBC library - in one place and they can watch it anytime, anywhere".