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Apple shows it’s serious about online video

The tech giant is known for orchestrating its product announcements around coordinated surprise, but a genuine stunner came Tuesday when it revealed the price for its new Apple TV Plus streaming service: $5 a month, our colleague Ed Lee reports for us.

It surely grabbed the attention of Netflix and Disney, since the price undercuts their offerings, and their investors. Shares in both companies fell more than 2 percent after the announcement.

Many had speculated that Apple wasn’t serious about media, and that the billions it was spending on content was really just marketing. The thinking was that the streaming service would be made free to anyone with an Apple device, as a way to stoke iPhone sales. (As it turns out, you’ll get one free year if you buy a new laptop or iPhone.)