BBC One is a British free-to-air television network owned and operated by the BBC. It is the corporation's flagship network and is known for broadcasting mainstream programming, which includes BBC News television bulletins, primetime drama and entertainment, and live BBC Sport events. 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 renamed BBC TV in 1960 and used this name until the launch of the second BBC channel, BBC2, in 1964. The main channel then became known as BBC1. The channel adopted the current spelling of BBC One in 1997. The channel's annual budget for 2012–2013 was £1.14 billion. It is funded by the television licence fee together with the BBC's other domestic television stations and shows uninterrupted programming without commercial advertising.