Netflix has a new rival in the form of a video-streaming service that has been launched in Latin America’s fast-growing SVOD On Monday, Mexican media giant Televisa launched a service called Blim, which offers first-run, exclusive SVOD programming in Latin America for the James Bond franchise, which includes the upcoming Spectre release, says a report from the Hollywood Reporter.

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Blim the same and different from Netflix

Blim is an upstart OTT platform that will compete with industry giants such as Netflix and Mexican-owned streaming firm ClaroVideo. Blim’s business model and pricing are similar to that of Netflix. Hollywood fare comprises just 20% of Blim’s catalog, and for this reason, it is more Latin American-centric than Netflix.

Blim Chief Carlos Sandoval said, “Televisa is the biggest producer and distributor of Spanish-language content in the world and this is one more piece of the puzzle to reach viewers.”

The service is available only in Latin America as of now. Similar to Netflix and ClaroVideo, Blim will offer original productions on an exclusive basis, the report says.

Dataxis has released a market research report which states that the top seven markets of Latin America will have some 20 million OTT subscribers by 2018. In 2014, Netflix CEO Reed Hastings visited Mexico, and at that time, he said that Latin America is one of the world’s fastest growth areas in terms of Internet connectivity

Netflix, which has about 8 million subscribers in Latin America, has produced several successful series in the region, including Pablo Escobar drama Narcos and soccer dramedy El Club de Cuervos.

Televisa’s programming a great advantage for Blim

Blim has a few more things to offer. It has the exclusive first-run SVOD rights to James Bond films and to various popular U.S. shows including Wayward Pines. The Latin American SVOD premiere of Spectre, the latest Bond movie, will take place in May on Blim, the report says.

Blim plans to tap into Televisa’s vast television library, which includes its popular telenovelas and films released by the media firm’s film distribution arm, Videocine. Televisa’s produced programming, which is available on competitors’ platforms, will strictly be available on Blim eventually, the report says. Televisa produces film and television content for both Mexico and the U.S. Hispanic market.