What happened

Shares of Roku (ROKU -0.99%) jumped on Tuesday, rising 10.8% on the day.

The stock's gain followed news that Apple's (AAPL 1.97%) Apple TV app is now available on the Roku platform. In addition, Roku said its users will be able to subscribe to the upcoming streaming service Apple TV+.

A chart showing a stock price moving higher

Image source: Getty Images.

So what

"Roku is a valuable partner for content providers looking to reach a large and engaged audience, and we're looking forward to bringing this new option to Roku users," said Scott Rosenberg, Roku senior vice president and general manager of platform business, in a press release. 

As the leading streaming-TV platform in the U.S., Roku is a crucial medium for services that want to reach as much of the country as possible.

Since Roku takes a share of subscription fees on its platform, it will likely see a financial benefit from Apple TV+.

Now what

Roku's platform business has been on fire. Platform revenue jumped 86% year over year in Q2, fueled by a 39% increase in active accounts and a 72% jump in streaming hours.

Apple TV+'s launch on Nov. 1 will likely help boost the company's active user count and hours streamed even further.