Apple launches streaming service for $5 a month

Inc on Tuesday launched a new streaming TV service, which will showcase original shows at a monthly price of $5. At an event held at the Steve Jobs Theater at the company's Cupertino, California headquarters, Apple is also expected to launch new iPhones. Apple's Arcade game streaming service will also be available later this month.

Apple will charge $5 per month for a highly anticipated video streaming service, the latest challenge to Netflix. The company will roll it out in Nov. 1.

Like and similar services from Amazon and Hulu, has been doling out billions of dollars for original programs featuring stars such as Oprah Winfrey, Jennifer Aniston and Reese Witherspoon.

The service will be available in 100 countries at launch.

The iPhone maker provided a peek at the video service called Apple TV Plus in March, but didn't reveal pricing and the launch date until now. Apple showed a trailer for "See," a show starring Jason Momoa that takes place in the future in a world without sight.

IPhone sales are mired in a deep slump, prompting Apple to look for revenue growth from services. Expanding into video streaming is part of that effort.

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