The 83-year-old founder of News Corporation, Rupert Murdoch, has signalled that the television industry needs to respond comprehensively to the rise of streaming giant Netflix.
The movie and TV streaming service is headquartered in the United States but is now rapidly expanding into Latin America and Europe.
An Australian launch has not been confirmed but is expected in late 2015 or 2016.
Its astonishing growth has accelerated a trend by audiences away from pay television, an arena in which Mr Murdoch has extensive interests.
That trend, known as "cord cutting", has traditional TV players concerned that "over the top" services - that is, services which connect consumer and content by leaping over the top of traditional distribution - are undermining the TV business model.
The success of Netflix has also given rise to a boom in streaming services, notably the Amazon-owned Amazon Prime, and Hulu, in which Murdoch's 20th Century Fox holds a stake.
"As an industry we need a competitor, a serious competitor, to Netflix and Amazon," Mr Murdoch told the digital technology conference, WSJD Live, in Laguna Beach, California.
Hulu is "growing fast," he said.
Launched in 2007, Hulu is a joint venture between the 21st Century Fox-owned Fox Broadcasting Company, the Comcast-owned NBCUniversal Television and the Disney-owned Disney-ABC Television.
In addition to content from its parent companies Fox, NBC and Disney-ABC, Hulu also carries content from the A&E, Bravo, Sundance, SyFu, USA and Oxygen channels. It also has an extensive library of BBC content.
But Mr Murdoch indicated that Hulu's growth had been hampered by difficulties between the key partners in finding consensus on the platform's strategy.
"We've had a difficult partnership," he said.
"Now I think we're all on the same page and we're going to drive that as hard and as fast as we can."
The WSJD Live conference was hosted by the Murdoch-owned, New York-based Wall Street Journal.
The conference has drawn a who's who of the technology world, with speakers including Apple chief executive Tim Cook, former Microsoft executive Steve Ballmer, Alibaba chief Jack Ma and director James Cameron.
