BBC One is the flagship television channel of the British Broadcasting Corporation (BBC) in the United Kingdom. It was launched on 2 November 1936 as the BBC Television Service, and was the world's first regular television service with a high level of image resolution. It was later renamed BBC tv until the launch of sister channel BBC Two in 1964, whereupon it was known as BBC1, with the current spelling adopted in 1997. The channel has an annual budget of £1.2 billion. Along with the BBC's other domestic television stations, and many European broadcasters (and some in Asia), it is funded principally by the television licence fee, and therefore shows uninterrupted programming with no commercial advertising at any time. It is currently the most watched television channel in the United Kingdom, ahead of its traditional rival for ratings leadership, ITV1.