Just five months after launching its online streaming movie service, Foxtel has announced a huge price reduction for new and existing Presto users.

Having added Chromecast to the Presto app back in July Foxtel is keen to promote Presto as the movie subscription service for all your devices, and while devices are one thing – the price is the real kicker when it comes to signing up to a service like this.

Until now, Presto would set you back $19.99 per month (With an introductory month at $4.99), however, effective this Sunday (August 17) Presto’s price drops by half to $9.99 per month.

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With rumours of Netflix entering the Australian market hotting up, it’s hardly surprising Foxtel are keen to lock up the subscription movie market.

Despite the “big screen” claims following the addition of Chromecast – Presto still lacks Apple TV functionality so iPad or iPhone users with an Apple TV are trapped in their “small screens” – something Presto are clearly looking at, but perhaps there are some rights management issues at play with that one, regardless it is yet another untapped market for Foxtel.

Shaun James, Director Presto & VOD, said, “We’ve established our new pricing to provide a simple flat rate for customers and today we’re thrilled to bring Presto to eager movie lovers at our new $9.99 per month subscription price with no lock-in contract*. With Presto’s vast offering of recent blockbusters and classic films, we have delivered one of the best value-for-money movie subscription streaming services anywhere. What’s more, with Presto’s recent launch on Chromecast, subscribers can now enjoy Presto movies on living room big screens.”

The race is on for the Australian streaming movie and entertainment market. While we might be slow out of the gate to get “netflix” – our mature catch-up TV market and the availability of services like QuickFlix and Foxtel’s own Subscription TV and streaming services means the success of “netflix” won’t be as easy as some might expect. $9.99 for Presto is bloody good value.