Faced with fierce competition from global streaming services such as Netflix, public broadcasters in Norway, Denmark, Sweden, Finland and Iceland have joined forces to jointly produce ambitious Scandi series.

DR in Denmark, NRK in Norway, SVT in Sweden, YLE in Finland and RUV in Iceland issued a statement Monday saying that they had “agreed on a new common strategy for greater co-production of drama productions.” The alliance was announced on the heels of a meeting in Stockholm where reps from each broadcaster discussed ways to counter the growing competition from Netflix, Amazon and other streamers.

Since launching in 2012, Netflix has thrived in Scandinavia and recently stepped into Nordic drama originals with “Quicksand” and “The Rain,” its first Swedish- and Danish-language drama commissions, respectively. HBO Europe also just unveiled its first Nordic series original, “Gosta.”

“Our new, common Nordic strategy and increased Nordic cooperation are important steps towards an even stronger public service drama offer than today,” said DR managing director Maria Rørbye Rønn.

Under the pact, about 12 drama series will be collectively produced and broadcast across the Nordics. The alliance will also allow for bigger budgeted series.

SVT managing director Hanna Stjärne (pictured) said that “strengthening the cooperation will benefit the entire Nordic audience.”

“We have a long history of cooperation and have a fundamental trust in each other’s ability to produce world-class drama,” added NRK managing director Thor Gjermund Eriksen.