Apple (NASDAQ:AAPL) CEO Tim Cook didn't waste any time kicking off the company's keynote presentation on Tuesday morning. While the main focus of the annual September product launch is usually the iPhone, Cook first provided some updates on two of the tech giant's upcoming services: Apple Arcade and Apple TV+.
While the tech company announced Apple Arcade and Apple TV+ alongside two other new services -- Apple News+ and Apple Card -- earlier this year, it hadn't provided many details about the video game and television subscription services until now. On Tuesday, Apple revealed both services' prices, launch dates, and other details.
Here's what you should know.
Apple Arcade is a subscription service that gives users unlimited access to a library of games. The service, Apple announced, will cost $4.99 a month and will come with a one-month free trial. This price is for individual subscribers or a family of up to six members.
Initially, the game will include a catalog of over 100 games and will be available in more than 150 countries.
The service will start on Sept. 19.
Apple's streaming-TV service, Apple TV+, is launching on Nov. 1. The new, ad-free subscription service will be offered in over 100 countries and will feature original shows, movies, and documentaries. Some of the new shows available on the service's first day include The Morning Show, starring Reese Witherspoon, Jennifer Aniston, and Steve Carell; Dickinson, a story about a rebellious young poet; and See, a drama starring Jason Momoa and Alfre Woodard.
The new service will cost $4.99 a month and include a seven-day free trial. In addition, customers who purchase a new iPhone, iPad, Apple TV, iPod touch, or Mac will get one year of free access to Apple TV+. Like the Apple Arcade subscription, up to six family members can be included in a single subscription.
More new original shows will be added to the app each month, Apple said.
Competition in streaming TV has been heating up. Walt Disney (NYSE:DIS) is launching its streaming service on Nov. 12 for just $6.99 a month. The new service, called Disney+, will include new originals, as well as access to Pixar, Marvel, Star Wars, Disney movies, and more. In addition, Disney announced a $12.99-per-month bundle that will include access to Disney+, ESPN+, and Hulu.
It's no surprise to see Apple pricing its services aggressively. The company likely wants to ensure it grabs market share in these new categories quickly, as services are becoming an increasingly important pillar to Apple's business. Services revenue in the company's most recent quarter increased 13% year over year. This compares to Apple's 1% growth in its consolidated top line over the same time frame. In addition, it was a record quarter for the company's services business.