Apple (AAPL) - Get Report announced on Tuesday that its heavily-promoted Apple TV+ streaming service will cost just $4.99 per month, significantly less than expected, when it becomes available on Nov. 1. The company also said it would offer one year free of Apple TV+ to customers who purchase any iPhone, iPad, Mac or Apple TV.

Apple kicked off its annual Sept. event, which typically highlights the latest line-up of new iPhones, by announcing that its new Apple Arcade video game service would also cost $4.99 per month. Customers will be able to sign up through the App Store and receive a free month of service, which gives users access to over 100 exclusive mobile games.

Apple shares rose slightly on the Apple TV+ pricing announcement and were lately up 0.3% to $214.70. Meanwhile, shares of Netflix (NFLX) - Get Report  and Disney (DIS) - Get Report dropped to session lows after Apple's announcement. Apple TV+'s $4.99 per month price is less than half of Netflix's most popular monthly service plan and is also less than the planned Disney+ streaming service, due to launch this fall at $6.99 a month. Shares of Netflix were down 2.34% Tuesday afternoon following Apple's announcement, while Disney was down 1.96% to $136.11.

CEO Tim Cook said Apple TV+'s first shows will be available on Nov. 1 in over 100 countries and that Apple will be adding more original shows over time.  

Apple has released trailers for three new TV+ shows so far -- For All Mankind, Dickinson and The Morning Show. On Tuesday, Cook debuted the trailer for a show starring Jason Momoa called See about a world in which humans have lost the ability to see.

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