Roku on Tuesday announced a new ad-free streaming service for $2.99 a month, the cheapest price point in the U.S. by a major company.

The new streaming service, called Howdy, has a library of thousands of titles and nearly 10,000 hours of entertainment from companies such as Lionsgate and Warner Bros. Discovery. Titles include action movie “ Mad Max: Fury Road ,” sports drama film “The Blind Side” and drama series “Weeds.”

“Priced at less than a cup of coffee, Howdy is ad-free and designed to complement, not compete with, premium services,” said Roku founder and CEO Anthony Wood in a statement.

The push comes at a time when many streaming services are raising their prices as they face investor pressure to become more profitable and the cost of production has increased.

But San Jose

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