Sometime in the next year HBO will begin offering a web-only streaming service, Re/code reports.

HBO CEO Richard Plepler made the announcement at an investor presentation hosted by Time Warner, HBO's parent company, on Wednesday.

Plepler said the company would launch a "standalone, over the top" version of HBO in the next year, but wouldn't provide further details.

Here's what he said in HBO's official statement:

"So, in 2015, we will launch a stand-alone, over-the-top, HBO service in the United States. We will work with our current partners. And, we will explore models with new partners. All in, there are 80 million homes that do not have HBO and we will use all means at our disposal to go after them."

Plepler's comments come just after Time Warner CEO Jeff Bewkes said that a standalone HBO service was being "seriously considered" in September.

Right now, the HBO GO app is available only to those who subscribe to the premium channel. The company hasn't revealed how much HBO's standalone service will cost when it launches, but it'll give the company more of a chance to compete with services like Netflix and Hulu.

The news comes at a time when online streaming services are beginning to pull consumers away from traditional cable TV. In fact, households with a Netflix or Hulu subscription are three times as likely not to have a cable subscription compared to the average household, according to a report from consumer-data company Experian Marketing Services published in April.

Read the full press release from HBO below.

FOR IMMEDIATE RELEASE

October 15, 2014



HBO CHAIRMAN AND CEO RICHARD PLEPLER ANNOUNCES HBO TO OFFER A STAND-ALONE

HBO STREAMING SERVICE IN 2015



Speaking at the Time Warner Inc. Investor Meeting today, Richard Plepler, chairman and CEO,HBO, announced that the company will offer a stand-alone HBO streaming service in 2015. Following a portion of his presentation focused on HBO’s domestic business, during which he cited significant growth opportunities inside the pay-TV universe, Plepler then turned to the current ten million broadband-only homes, which is projected to grow.

Plepler then added:

“That is a large and growing opportunity that should no longer be left untapped. It is time to remove all barriers to those who want HBO.

“So, in 2015, we will launch a stand-alone, over-the-top, HBO service in the United States. We will work with our current partners. And, we will explore models with new partners. All in,there are 80 million homes that do not have HBO and we will use all means at our disposal to go after them.”