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How Apple’s New Streaming Service and Credit Card Will Impact Consumers

Will Healy
Apple CEO Tim Cook and Oprah Winfrey at the Steve Jobs Theater during an event to announce new products, in Cupertino, Calif Apple Streaming TV,
  • Apple TV+ will develop programming and combine multiple services on one platform.
  • Apple TV+ will be available on all devices, smart TVs and Roku.
  • Apple Arcade and Apple News+ were also among the offerings that the company announced.

Apple announced the launch of several new offerings at its annual spring event on March 25. As expected, Apple introduced Apple TV+, which will combine several services into one app and feature original programming. The event also included icons, such as Steven Spielberg, Jennifer Aniston, Jason Momoa and Oprah Winfrey, who helped introduce programs that will be featured on the new streaming service that will debut this fall.

Also See: Spotify Now Offers Hulu for Free — but Is it Better Than Netflix?

What Apple TV+ Offers

Outside of the new programming, Apple TV+ also added functionality. Through the app, customers can also access suggestions for offerings from existing services such as Spectrum or from streaming services such as Prime Video in one app. It will also allow customers to pay for only the channels that they want, free of ads. For the first time, the company will also make Apple TV available to Macs, smart TVs and Roku.

For years, Apple has derived the majority of its revenue from sales of the iPhone. However, iPhone sales have missed forecasts in recent months. Therefore, the pressure is on Apple to find new sources of revenue.

By entering the streaming market, Apple comes into a competitive environment. Netflix has long led the streaming market. However, services such as Hulu and Amazon Prime have increased their market share. The competition will intensify once Disney removes its content from the Netflix platform and offers its Disney+ service later this year.

Related: Disney to Remove All Movies From Netflix as It Launches Its Own Streaming Service

Apple did not announce the price of its upcoming subscription service. Netflix charges $12.99 per month for its most popular service, while Amazon Prime includes Prime Video in its $119 annual fee. Disney has not yet announced the cost of Disney+, though customers can access its ESPN+ offering for $4.99 per month.

Still, Apple’s entrance into the market has already deterred one potential rival. Alphabet, the parent company of Google, announced it would largely exit the premium content business. Other than its popular “Cobra Kai” series, all other self-produced programs appear poised for cancellation.

Read: While Hulu Gains Millions of New Subscribers, Cable Companies Are Still Raising Prices

Apple’s Other Product Offerings

The company also made an announcement regarding Apple Pay. Promising to change “the entire credit card experience,” the company introduced Apple Card, which is expected to become available this summer. Once the card is rolled out, users will be able to access it within a few minutes of filling out an application and will also be able to carry it worldwide through the iPhone. Among its features is Daily Cash, which will allow consumers to receive cash back every day. The app-based card service won’t have credit card fees. Apple partnered with Goldman Sachs and Mastercard to make Apple Card possible.

Apple also introduced other services. Apple News+ will bring over 300 magazines to Apple News, allowing users to read several popular periodicals on one platform. A subscription will cost $9.99 a month. Apple will also take a similar subscription-based approach with the new Apple Arcade, which will incorporate over 100 games.

Keep reading to find out the cost of the most noteworthy Apple products through the years.

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This article originally appeared on GOBankingRates.com: How Apple’s New Streaming Service and Credit Card Will Impact Consumers