The platform, an attempt to emulate the success of Netflix, will provide paying viewers with the "biggest collection of British content available on any streaming service". It will also commission new shows from British production companies which will be exclusive to BritBox.
"I am delighted that the BBC and ITV are working together on something truly special," said BBC Director-General, Tony Hall. Carolyn McCall, the CEO of ITV added: "BritBox will be the home for the best of British creativity – celebrating the best of the past, the best of today and investing in new British originated content in the future."
They won't confirm pricing at this stage but say it will be "competitive". Both companies anticipate other partners will join BritBox further down the line.
Although you might not have heard of it, BritBox actually already exists in North America, where it's doing better than originally expected, with over 500,000 subscribers.
Many people in this country however, aren't impressed by the thought of an extra fee.
Yet more are frustrated at paying more money to the BBC on top of the licence fee.
Others explain that paying a licence fee doesn't extend to future ownership of a programme (after all, you're paying Netflix now to watch older Louis Theroux, an OG BBC show).
Over the past few years, many British shows have experienced a second wind after being streamed on Netflix; the BAFTA-winning Three Girls (originally airing on the BBC in 2017), which dramatised the Rochdale sex abuse scandal is currently trending, as are early seasons of ITV's hit Nicola Walker-starring detective show Unforgotten. Presumably, once BritBox launches, this content will be available via that platform alone.
So what do you think – will you sign up for BritBox?