Tim Cook on stage at Apple’s event Source: Apple
Tech giant Apple unveiled its long-awaited new streaming service Apple TV+ which undercuts rivals Netflix, Disney+ and Roku on price.
The new streaming service Apple TV+ which will launch on November 1 in over 100 countries and multiple regions, is priced at $4.99 per month. This makes it the cheapest worldwide. Disney+ which is also set to launch next November is priced at $6.99 per month and Netflix’s most popular plan is priced at $13 per month.
Streaming firms’ shares fell after Apple announcement which was made following its announcement of new iPhones. Netflix shares dropped by 2% to reach roughly $288, and Disney’s stock price was down by 2.19% to $135.79, while Roku, tumbled by 10.49% to be around $144.
Apple’s offer includes a free one-year subscription for customers who purchase any new Apple device. Apple TV+ will offer a lineup of original shows, movies, and documentaries, including “The Morning Show,” “Dickinson,” “See,” “For All Mankind” and “The Elephant Queen.”
The new service will be available on the Apple TV app on iPhone, iPad, Apple TV, iPod touch, Mac and other platforms, including online at tv.apple.com, with a seven-day free trial.
Netflix, which is the world’s most popular streaming service with over 148 million paid memberships in over 190 countries, will face increased competition from the new entrants during the coming period. Netflix owns 71% of the global streaming video on demand (SVOD) market, followed by Amazon Prime Video with 11% and 9% for Hulu Originals, according to the 2018 Global Television Demand Report.
Meanwhile, Apple – which has so far been a market leader in phones - has rolled out three new iPhones including iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. The company has also unveiled new version of Apple Watch and iPad at the event in its headquarters on Tuesday.