At a highly anticipated event on Tuesday, Apple unveiled the latest versions of its popular iPhone, iPad, and Apple Watch products, and announced details regarding its forthcoming subscription streaming service, Apple TV+.

The most watched reveal was the introduction of the new iPhone 11 Pro and iPhone 11 Pro Max, which offer users longer battery life, an enhanced display screen, and more durable design features.

"[They're] jam-packed with great new capability in an incredible new design," CEO Tim Cook said from the company's Steve Jobs Theater in Cupertino, California.

Apple ($AAPL) also announced that the iPhone 11 Pros will have an all-new triple-camera feature that provide users ultra wide, wide, and telephoto lens capabilities. Phil Schiller, Apple's senior vice president of worldwide marketing, called the new iPhone 11 Pros the "most powerful and advanced smartphones" Apple has ever created with a starting price of $999.

The company also introduced another more affordable version of its latest iPhone, the iPhone 11. The phone includes enhanced performance features and has a dual lens camera for ultra wide and wide photos.The iPhone 11's starting price is $699.

All versions of the new iPhones, which come in an array of new colors, are available for preorder September 13 and hit retail shelves on September 20.

Apple also announced that Apple TV+ will make its long-awaited debut on November 1 and cost just $4.99 a month for access across devices. Apple first announced its streaming service in March at a star-studded event that included major Hollywood figures such as Steven Spielberg, Jennifer Aniston, Reese Witherspoon, Steve Carrell, and J.J. Abrams — all of whom are producing content for the platform.

"With Apple TV+, we are presenting all-original stories from the best, brightest, and most creative minds, and we know viewers will find their new favorite show or movie on our service," said Zack Van Amburg, Apple's head of worldwide video.

Apple TV+ makes it debut as the streaming sector gets increasingly crowded, with other major platforms, such as Disney+, set to launch this fall and consumers showing an overall preference to on-demand entertainment. The latest platforms come, however, over a decade after the launch of other major players like Amazon Prime video, Netflix, and Hulu.

Netflix’s ($NFLX) stock fell nearly 3 percent by closing bell on Tuesday after the news of Apple’s cheaper streaming service. Shares of Roku ($ROKU), the streaming media device maker and content producer, fell over 10 percent.

The streaming platform also represents Apple's shift away from its ubiquitous hardware business in favor of new software-driven service businesses, which also includes the Apple credit card, Apple News+, and Apple Arcade.

Apple Arcade, the company's subscription gaming platform, will be available for $4.99 a month starting September 19, Apple announced at Tuesday's event.

Furthermore, Apple unveiled Tuesday the latest version of its iPad, which is now in its seventh generation. The new iPad features a 10.2-inch Retina display screen, an upgraded Apple Pencil, and more advanced cameras and sensors, among several other revamps. Beginning September 30, the iPad will be available starting at $329.

"This new iPad with iPadOS takes everything people love about our most popular iPad and makes it even better for creating, learning, working, and playing," said Greg Joswiak, Apple's vice president of product marketing.

Apple Watches also received significant upgrades, the company announced. The Series 5 watches will now include an all new Always-On Retina display that can display the time and other information continuously. Past model required the user to tap the display or raise their arm to activate the screen. The latest Apple Watches are now available in new aluminum case in silver, gold, and gray.

Jeff Williams, Apple's chief operating officer, said that through "seamless integration of new hardware and software" Apple Watches deliver an "enhanced experience that makes it even easier to stay active and connected to the people and information users care about."

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