Roku is coming out with its own Netflix-style subscription video service that provides thousands of TV and movie titles without any ads. But the company sees the new Howdy service as a cheaper complement to the likes of Netflix — not a direct competitor.

The new streaming service is "priced at less than a cup of coffee," Roku's founder and CEO Anthony Wood said in a statement alongside the announcement, where he also clarified that although it's cheaper than Netflix, Disney+, and other rivals, it's "designed to complement, not compete with, premium services".

A new streaming platform just entered the arena with a charming grin. Roku’s Howdy streaming service is live at only $2.99 per month. And because Roku knows how to throw a party, it’s slashing prices on its two popular streaming sticks to celebrate.