Apple’s streaming service, Apple TV Plus, will cost just $5 a month when it launches November 1 (AAPL)

Apple TV Plus, the company's new streaming service, will cost just $5 a month when it launches on November 1.

Apple CEO Tim Cook made the announcement Tuesday at Apple's biggest event of the year, where the company is expected to announce a new lineup of iPhones and Apple Watches.

The $5 price tag for Apple TV Plus puts the company's streaming service among the cheapest out there. Rivals cost at least a few dollars more: Disney Plus costs $7 a month, and Amazon Prime Video costs at least $9 a month. Hulu costs $6 a month for its basic plan, while Netflix and HBO each offer their services for more than $10.

Read more: The biggest question mark about Apple's new TV service is price — and it's going to be a huge factor if Apple hopes to compete with Netflix and Disney Plus

Previous reports indicated that Apple was planning to charge $10 a month for Apple TV Plus, so the lower pricepoint may come as a surprise.

Apple has announced more than 20 original shows that will launch exclusively on Apple's streaming service. This will include series starring big names like Jennifer Aniston, Steve Carell, and Reese Witherspoon.

When it launches November 1, the ad-free subscription service will be available in over 100 countries.

Additionally, one year of Apple TV Plus will be available for free for anyone who purchases an Apple device.

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