Shares for Wall Street’s hottest OTT company, Roku, dropped 12% Tuesday following Apple’s disclosure that its new streaming service, Apple TV+, will be priced at only $4.99 a month when it debuts on November 1.
Apple is also offering a year free of the subscription service for those who buy an Apple device that it runs on, such as an Apple TV OTT box, or an iPhone.
Shares of Netflix also fell 3% following Apple’s pricing revelation.
Apple TV+ will blend an anticipated slate of original programming from big-name Hollywood talent to the Apple TV app ecosystem, which curates and surfaces third-party original content, much the way Roku does.
The nine original series launching with the debut of the service will include The Morning Show, a comedic drama built around a network morning talk show and starring Jennifer Aniston, Reese Witherspoon and Steve Carell.
Also launching will be See, a post-apocalyptic sci-fi drama starring Jason Momoa. You can see a trailer of that series here.
Series creators for Apple TV+ include Steven Spielberg, Oprah Winfrey and J.J. Abrams. Notably, Apple will make the first three episodes of a show available for viewing upon premiere, then debut new installments on a weekly basis.
Apple is reportedly spending $6 billion on its initial slate of original content.