Apple's original TV service will cost $4.99 a month and launch Nov. 1
- Apple released new details for its new product, Apple TV+, as it enters the increasingly competitive streaming space.
- The service will launch Nov. 1 in 100 countries and regions. A family subscription will cost $4.99 a month, Apple announced.
- The company will join Disney, NBCUniversal and AT&T's WarnerMedia as new players in the streaming space.
Apple will make its first shows available on Nov. 1 in 100 countries and regions and offer its family subscription for $4.99 per month, CEO Tim Cook announced. The company is offering a free year of Apple TV+ to customers who buy a Mac, iPhone or Apple TV, Cook said.
The ad-free subscription service, Apple TV+, was originally announced at Apple's press event in March. Apple brought out a slew of celebrities to introduce its star-studded slate including Oprah Winfrey, Reese Witherspoon, Jennifer Aniston, Steve Carell and Steven Spielberg. At the time, Apple said all of its original content would be available in its Apple TV app across iPhones, iPads, Macs and Apple TV boxes. It will also be available on third-party hardware like smart TVs and Roku devices.
The introduction to Apple TV+ comes as Apple has begun to shift its narrative from being the iPhone company to being a services company that can generate predictable, recurring revenue through subscriptions. While Tuesday's event does focus on new gadgets including an iPhone update, it's also training investors to understand the allure of its new subscription products.
Apple has spent heavily to beef up its content slate, according to recent reports. The company has spent over $6 billion on original TV shows and movies for the service, The Financial Times reported last month. But the company has also had some stumbles along the way. The company recently decided to drop an adapted drama series starring Richard Gere, Variety reported last week.
The company will be just one of several new players in the increasingly hot streaming space, joining Disney, AT&T's WarnerMedia and Comcast-owned NBCUniversal. It will take on others that have established their roles already, including Netflix, Amazon and Hulu.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.
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