Apple rolls out new streaming TV service for $5 a month

CUPERTINO, Calif. — Apple is finally taking on Netflix with its own streaming television service and, uncharacteristically for the company, offering it at a bargain price — $5 a month beginning on Nov. 1.It may be sheer coincidence that the cost of paying for both Apple and Disney subscriptions will still be a dollar less than Netflix's main plan, priced at $13 a month. But the intent to disrupt Netflix's huge lead in the streaming business couldn't be clearer.

"You have to expect they're going to do something, considering how hyper competitive the streaming video space is," said Tim Hanlon, CEO of Vertere Group. Since it began focusing on exclusive shows and movies six years ago, Netflix has built a huge library of original programming and now spends upward of $10 billion annually on its lineup.

The price war is unfolding as Netflix tries to bounce back from a rough spring in which it suffered its first quarterly drop in U.S. subscribers since 2011. Apple's pricing tactics caught investors' attention. Netflix's stock fell 2% on Tuesday.

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