Sky is believed to be working on a next generation set-top box called SkyQ which will feature a "Netflix style" experience, according to industry insiders.

The new SkyQ set-top box will enable users to watch broadcasts in ultra-high definition 4K, with an on-demand experience that looks a lot like what Netflix and Apple TV currently offer.

The new set-top box will also enable users to be able to watch and record at least four TV programmes simultaneously, which can be wirelessly streamed at the same time to multiple devices in the home over Wi-Fi.

On top of that, the user interface software has the ability to learn what types of content users like to watch and then make educated recommendations of other similar content, and the idea is for Sky to trump existing video on-demand services by being able to offer live TV, recorded programmes and on-demand content all in the same place.

According to an industry source that spoke to the Telegraph, SkyQ offers a user experience that is "really very slick". There is no date set for a launch yet, but it is believed to come soon after Sky reports its full-year results on 29 July.

Sky told IBTimes UK that it did not have any comment at this time.

SkyQ, originally known as "Project Ethan", was intended to be launched in 2016, but it is believed that Sky moved the launch forward to summer 2015 in order to prevent BT from gaining a monopoly over the European football season.

BT Sports launched its 4K Ultra HD package on 25 July, which includes a new 1TB Ultra HD YouView+ set top box, 47 premium channels including all UEFA Champions League channels and BT Sport Ultra HD, which will be the first 4K channel in Europe.

BT has already outlined four big football matches in August that will be shown in Ultra HD and is hoping to grab new customers with a subscription fee of £15 a month.

However, consumers who already own 4K TVs should know that their screens will probably not be able to work with ultra HD sports broadcasts when they begin.