F1's owners Liberty Media finally confirmed the details of the two new OTT (over-the-top) offerings that it has talked about since last season.

It also released a short video showing off what the new service will look like for fans when it is rolled out for the start of the season.

F1 said that its premium service, called F1 TV PRO, will include ad-free live coverage of every session, access to all 20 on-board cameras, press conferences, support races and other exclusive footage.

It will be made available in four languages (English, French, German and Spanish), and in a number of different markets including Germany, France, USA, Mexico, Belgium, Austria, Hungary and much of Latin America.

While access will initially be available through desktop and the web, in the future there will be mobile apps phased in on Amazon, Apple and Android.

The price of this service will be between $8 and $12 on a monthly basis, with annual rates priced according to the market.

A less expensive non-live service, called F1 TV Access, is similar to what has been available up until now with live timing data, radio commentary and extended highlights – including historic footage. This will be available in nearly every country.

F1 said its push to offer the new service was driven by its desire to offer the best TV service to watch live races.

Frank Arthofer, Director of Digital and New Business, Formula 1 said: "Our objective with F1 TV is simple: provide these fans with the best available service to watch live Grands Prix and provide them with the best sports OTT customer experience in the world.

"Our team and our partners are singularly focused on delivering on that vision: not just for launch but over the long-term. Live streaming video is an exciting space changing almost daily."