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

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 to some. But Apple TV Plus doesn't include licensed content like streaming competitors Netflix and Hulu — it'll only be a place to showcase Apple's original shows and movies.

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

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.