Apple TV Plus is latest Apple 'service' offering announced

CUPERTINO, California (AP) — Apple announced a new streaming service, Apple TV Plus, which will house its original shows and movies and could compete with Netflix, Amazon and cable TV itself.

Apple is making the announcements at its Cupertino, California, headquarters, in a Monday event studded with celebrities including Steven Spielberg, Jennifer Anniston, Reese Witherspoon and Steve Carell. The iPhone has long been Apple's marquee product and main money maker, but sales are starting to decline . The company is pushing digital subscriptions as it searches for new growth.

The company also laid out the details of its news subscription service, Apple News Plus, and a new credit card.

The news service costs $10 a month and includes roughly 300 magazines and a handful of major newspapers, including The Wall Street Journal and the Los Angeles Times. Missing from the announcement were other major newspaper publishers, who have reportedly been wary of Apple's terms. Apple says advertisers won't track readers inside the app. That distinguishes it from Facebook and Google, the other major online news hubs.

The company also said it is launching a MasterCard credit card called Apple Card. It will integrate Apple Maps to show users where they spend money, but at the same time, Apple says it won't know where you spend or where.

It won't have any late fees or annual fees and offer 2 percent cash back. Other cards also offer cash-back rewards.

But the biggest splash was its video service. Apple also noted Monday that its Apple TV app brings together different streaming services and traditional cable subscriptions.

Netflix, which didn't show up during Apple's presentation, turned "binge watching" into a worldwide phenomenon several years ago. Apple's new video service is expected to have original TV shows and movies that reportedly cost it more than $1 billion — far less than Netflix and HBO spend every year.

Making must-have TV shows and movies that are watchable on any device has turned Netflix into a force in both Silicon Valley and Hollywood.