The UK's largest broadcasters have teamed up to offer on-demand content from 2008.

Viewers will be able to access 10,000 hours of current and archive programming and rent, buy or watch for free.

The alliance will create mutual benefits, said Michael Grade, Executive Chairman of ITV plc.

“The deal is structured so that we each benefit from content being viewed, ensuring that there is significant revenue potential in the growth of the venture for all involved."

BBC Worldwide, ITV and Channel 4 will share the cost of the latest technology and enhance on the experience of BBC’s iPlayer, ITV.com and 4OD.

The service will encourage participation from other quality content providers to join the service to further improve the viewer experience.

It will be launched as a web-based proposition and will become available for distribution on other platforms.

The plans are dependent on formal approval from the board of each broadcaster and the BBC Trust.