Apple is expected to announce a new multi-Billion dollar video streaming service later this evening.

The company is expected to make grand product announcement at a special event in California – after already unveiling a range of new products, including new AirPods, a new iMac and a new iPad.

The new products have left analysts speculating as to what the company could still have to announce, with its long-awaited streaming service top of the list.

According to reports, Apple has invested roughly $2bn (€1.77bn) in the Apple streaming service it's expected to unveil.

At the moment, the Apple TV app aggregates videos from a range of different video services; however, it is ultimately simply an intermediary that sends users to streaming providers.

This could be about to change if, as expected, the company announces its new completely integrated Apple video streaming service this evening.

The company is not expected to directly rival the likes of Netflix, Hulu or Amazon Prime.

Instead, analysts expect it to offer subscribers access to those platforms by streaming them through its own app.

The company has also been creating its own original shows which are expected to be available on the new service.

Oprah Winfrey is believed to have signed on as a contributor to one of the new shows – alongside a number of other Hollywood stars.

Meanwhile Reese Witherspoon and Jennifer Aniston are reportedly to star in a comedy about morning television, although reported creative differences among staff have apparently made production difficult.

Apple is also rumoured to be rebooting Steven Spielberg's fantasy and sci-fi series from the 1980s, Amazing Stories, which features independent self-contained episodes.

The launch will be broadcast live at 5pm Irish time.