If you thought the video streaming industry was a cutthroat business, you are absolutely right. Streaming peripherals or streaming devices face similar or even more competition these days. Apple is trying to fix this. The company is reportedly working on a cheap streaming dongle to capture more of the market share.

Google with its Chromecast, Amazon with its Firestick and Roku are the big name contenders in this industry, so Apple already has an uphill battle on its hands. Apple hasn’t confirmed this news, and currently, it is just a rumor.

The Information reported this news. The company seems to have made the right call of introducing an economical streaming dongle, as Apple TV was rapidly losing users. Apple TV currently costs $149 which is quite a bit expensive compared to Google Chromecast and Amazon Firestick.

Apple TV 4K costs $179 for the 32 GB version and costs $199 for the 64 GB version. So this is a massive price tag for a product that does more or less the same as the devices that cost one-sixth the price.

The cheapest Firestick goes for $24.99, and Chromecast goes for $25 for the 1080p version. Chromecast Ultra which can stream stuff in 4K goes for $69.

Roku Express which is the cheapest Roku streaming device goes for $29. Apple will now be able to stand some chance of regaining its customers.

This is a big market to capture. Nearly 40% of broadband households in the US have switched to a media streaming player to view content on their TV. Apple holds just 15 percent of the total market value, according to market research firm Parks Associates.

When Apple TV was first launched in 2007, streaming apps and services were still in their infancy. Apple had nothing to lose. So it just threw its hat in the streaming device ring. All these devices worked fairly similar to each other.

This meant that the customer had all the right to opt for a less expensive option. In simple terms, the device lets users connect their smartphones or laptops wirelessly to their TV sets. Users can also watch their favorite streaming services such as Netflix, Showtime, Amazon Prime Video, HBO NOW and cable TV alternatives like Sling TV or YouTube TV to live sports on ESPN and news channels such as CBS News and ABC news.

The Silicon Valley giant is also looking to launch its own video streaming platform soon. The streaming service will feature original content approved by Apple. It will feature collaborations with a lot of big names in the entertainment industry. Moreover, Apple plans to make this service free for its device owners.

It is investing a whopping $1 billion on original content and stars like Oprah Winfrey, and Dr. Dre seems to be working hand in hand with the tech behemoth. This will give the company another reason to sell their streaming dongle.

We aren’t sure how much the device will go for though. If history tells us anything, it’s that Apple products aren’t cheap. So expect to pay somewhat more than what you would normally pay for a Chromecast or a Firestick.