Google has just unveiled a cool new Chromecast Ultra at its big Oct. 4 launch event, and the new media streaming device can stream 4K video and HDR picture quality on a budget.

The new Chromecast Ultra comes at an attractive price point of $69 and it's bound to give some heavy competition to the likes of Roku and Amazon. While the 4K video resolution may not render a highly obvious difference in picture quality compared to other "high-definition" visuals, the HDR picture quality is a neat improvement visible to the naked eye. The HDR supports both HDR10 and Dolby Vision formats.

Google's upgraded Chromecast Ultra rocks both 4K and HDR quality, which is quite impressive considering its price. Moreover, the gadget also sports an Ethernet port so that users can plug in cable internet for a stronger connection rather than streaming on Wi-Fi.

Even on Wi-Fi, however, Google notes that its new Chromecast Ultra is 1.8 percent faster and better than the standard Chromecast, with improved Wi-Fi to support higher-definition streams.

In terms of design, the new Chromecast Ultra is very similar to the standard Chromecast. It's looks like a flat hockey puck that now sports the "G" logo rather than the Chrome badge, and has a small HDMI cable attached so it can easily plug into a TV and stream media such as Netflix or other. Users can also mirror content from their laptop, Android or iOs device, and the Chromecast Ultra will work with Google Home as well, once it's released.

Google made some big waves on the media streaming scene with its original $35 Chromecast dongle launched back in 2013. The Chromecast proved to be a whopping hit, but was starting to seem outdated as other recent set-top devices hit the market with more powerful specs and features creamed into smaller packages.

The new Chromecast Ultra may cost twice as much as its predecessor, but it still offers a great deal considering that 4K and HDR are in the mix for that price.

The Chromecast Ultra will go on sale in November in the United States and will be available in 16 countries worldwide. Also in November, Google Play Movies will start rolling out 4K content to maximize the potential of the new Chromecast Ultra. Moreover, the Ultra will be able to cast 4K content from Vudu, Netflix and YouTube.

Until then, check out the video below to get a better idea of the cool new Chromecast Ultra.

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