Formula One has confirmed it will launch its first live streaming service during the 2018 season.

As part of Liberty Media's plans to improve the sport's digital platforms, F1 TV will be launched in early 2018 to showcase F1 along with its various support series' Formula 2, GP3 and Porsche Supercup. Subscribers will be offered live coverage of all sessions, press conferences and many more exclusive features through their desktop, with access planned for mobile applications at a later date.

At launch, the service will be available to over a dozen countries including the U.S., Germany, France, Belgium and Mexico. The service will be offered at USD$8-$12 per month, with annual rates depending on the specific market.

Frank Arthofer, Director of Digital and New Business, said: "With the launch of F1 TV, we are beginning on the journey to build a cornerstone of our digital transformation. F1 TV subscription products are clearly and centrally aimed at our hardest core fans, and we are firm believers that while we are bringing a new audience to the sport, we must always remain focused on delivering products and experiences that serve the most avid F1 fans.

"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."