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Netflix and Amazon Prime have more UK subscribers than traditional pay TV services

New data has confirmed that video streaming services like Netflix and Amazon Prime have more subscribers than traditional pay TV services in the UK.

The traditional broadcasters will need to change the way they operate if they are to compete with their wealthier rivals, according to the industry regulator Ofcom, which has also admitted it would be "great to see a British Netflix".

Sharon White, Ofcom's chief executive, explained to the BBC: "We'd love to see broadcasters such as the BBC work collaboratively with ITV, Channel 4 and Channel 5 so that they have got that scale to compete globally, making shows together, co-producing great shows that all of us can watch.

"I think it would be great to see a British Netflix."

Already, the likes of the BBC, ITV and Channel Four have held talks about creating a joint streaming service, with the overarching ambition being to create something which has the potential to compete with Netflix.

The latest figures show that around 40 percent of UK households are subscribers to Netflix, Amazon Prime or Now TV, while in excess of 15 million people are also paying for Sky, BT, Virgin and other satellite providers.

And, just recently, the BBC admitted its costs are rising because of the increased competition it is facing from internet-based services.

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