Roku's new Howdy streaming service, priced at $2.99/month, includes thousands of TV shows and movies -- intended as a complement to higher-priced services like Netflix.

The launch of Howdy also comes just months after Roku acquired the live-TV provider FrndlyTV for $185 million. The service provides users access to 50 live channels, including the History Channel, A&E, and the Hallmark Channel for plans ranging $8.99 to $12.99 per month.

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".