Foxtel is set to kill off its streaming media service, Presto, and begin transitioning customers to its Foxtel Play platform from December this year.

The announcement on Tuesday that Seven West Media would sell its 50 per cent share of Presto to Foxtel came after months of speculation about the company’s future.

Launched in 2014, the subscription video on demand (SVOD) service, became a competitor to Netflix, Stan and Quickflix – all services that offered an all-you-can-watch buffet of movies and TV via internet-connected devices, like smart TVs and smartphones.

The monthly fee for Presto is $9.99 for either streaming movies or TV, or $14.99 for both.

Despite offering a number of award-winning TV series, the Presto service has been plagued by technical difficulties since launch, with many customers encountering access problems with the smart device app, or issues screen-casting to their TV, with a device like Google Chromecast.

Foxtel has invited Presto customers to manually transition to its Foxtel Play streaming media platform, which offers a package system similar to its cable service – a subscription TV service accessed via specially installed hardware.

Foxtel Play packages will start at $15 per month for either Drama or Entertainment, or $25 for both. Presto will cease service on January 31, 2017, at which point all subscriptions will be automatically cancelled.

Of special interest to fans of HBO – the company behind premium drama and comedy programs like Game of Thrones, Westworld, The Night Of, The Leftovers and many more – Foxtel Play subscribers will gain access to all HBO content currently available on Foxtel via the Showcase channel in either the Drama or Entertainment package.

Foxtel has signed successive exclusivity deals with the US cable TV giant, ensuring the only way to legally access programs like Game of Thrones, as they air, is with a Foxtel subscription.

One further enticement for sports fans – Foxtel Play also features a variety of dedicated sports content, allowing subscribers to add channels to access exclusive sporting coverage from around the globe, which is currently only available via Foxtel.

Foxtel cut prices to attract more customers amid intense competition from Netflix and Stan. Photo: AAP

Seven West Media indicated it would continue to collaborate with Foxtel on content, including an upcoming Home and Away special.

At 11.03am AEDT on Tuesday, Seven West Media shares were down one cent, or 1.31 per cent, at 75.5 cents, while News Corp shares were up 79 cents, or 4.23 per cent, at $19.45.