The new Apple TV+ subscription, which will launch on November 1 in 100 countries including the UK, represents a major strategic shift for the US technology giant. Apple has struggled to come up with hit new devices in recent years and has been buffeted by growing trade tensions between the US and China, where most of its devices are made.

The subscription can be split between up six family members, and will be significantly cheaper than the cost of Netflix’s cheapest plan, which is £5.99 in the UK and $8.99 in the US.

Shares in Netflix fell 3.3pc, while Disney, which controls Hulu and is set to debut its Disney Plus streaming service later this year, dropped 2.3pc.

Apple chief executive Tim Cook hailed the response to its trailers for its new TV shows. “The reaction to these trailers has been incredible,” he said.

In an effort to lure in consumers, Apple will also offer a year free of its new TV service for those who buy a new iPhone.

“For once the iPhone wasn’t the star of the show,” said Ben Wood, an analyst at CCS Insight. “Aggressive pricing of £4.99 for TV+ and Arcade and a bundled TV+ subscriptions with new product purchases underline Apple’s service ambition as it drives towards service revenue of around $50 billion in 2020.”

The annual event saw Apple reveal three new iPhones: the iPhone 11, which will start at £729 and an iPhone 11 Pro and iPhone 11 Pro Max, which will cost £1,049 and £1,149 respectively.

The California giant’s annual iPhone launch has become a focal point of the industry’s calendar, with nearly all new smartphones being compared to Apple’s latest device.