Apple announced the full details of its streaming service Apple TV+ today during the company’s big release event. The announcement follows Apple’s initial reveal of Apple TV+ last spring that was devoid of crucial details.

Apple TV+ will launch its ad-free streaming service across 100 countries on November 1 for $4.99 a month. Additionally, those who purchase an iPhone, iPad, or Apple TV will receive a free year of Apple TV+, which will be accessible through an app across all Apple products. Following its release on November 1, Apple will release a new original series every month.

The launch of Apple TV+ can be seen as an effort by the company to increase its services revenue amid declining iPhone sales, while simultaneously enticing its customers to buy more Apple products compatible with the company’s services.

Apple will have to compete with existing powerhouse streaming services like Netflix and Hulu, as well as upcoming streaming services from Disney and NBCUniversal. But at $4.99 a month, Apple will undercut them all. Netflix is $12.99, Hulu is $11.99 (without ads) and Disney+ will be $6.99. Apple TV+ will not offer a library of existing content like Netflix and Hulu, but its safe to assume its presence (and price tag) will have ramifications on other streaming services.