Gamers wanting to get into virtual reality without spending a small fortune are now in luck: Samsung just announced that a new Gear VR headset is on the way, and that it will retail for just under $100.

Samsung made the announcement today, Sept. 24, during the Oculus Connect 2 livestream, which some watched via virtual reality with their existing Samsung Gear VR headsets.

The new headset, though, has a much nicer price: at just $99, it's the perfect VR tool for those hesitant to spend hundreds of dollars to try virtual reality for themselves.

The new Samsung Gear VR also features some improvements, thanks to the company working with the team at Oculus. The new headset is lighter, slimmer and more comfortable. Samsung also improved the touch pad functionality that works with the headset.

This news comes just after rumors surfaced that the competing PlayStation VR will cost up to $400, so the lower price gives Samsung an edge with consumers. That system also requires users to own an equally expensive PlayStation 4 console.

However, Samsung's new Gear VR works with its 2015 smartphone lineup: Samsung released the phone this year, so for those phone users the $99 headset is all that's needed to get started with VR. This includes the Note 5, Edge Plus, S6 and S6 Edge.

Another company, HTC, also plans on releasing the HTC Vive headset, powered by SteamVR, soon. Although the company has not yet released details about its price, rumors suggest that the headset will go for several hundreds of dollars.

Samsung said the new Gear VR headset will be available before the holidays, in November, "in time for Black Friday," reports Mashable. So it's likely that those interested in the VR headset could get it for even less than its standard retail price of $99.

The Gear VR will also have plenty of games to play: Oculus announced plans for Oculus Arcade on the device, including the highly anticipated Land's End VR game by Monument Valley developer ustwo. Oculus Arcade also includes classic games, such as Pac-Man.

But virtual reality isn't just for games, as Gear VR expects compatibility with streaming services Netflix and Twitch. The company has also partnered with movie studios for Oculus Video, which will offer films on the device.

"VR Cinema is a new way of presenting our movies, and has the opportunity to bring in mass market consumers to virtual reality," said Mike Dunn, 20th Century Fox Home Entertainment president, in a press statement as reported by Variety. "With Oculus Video, we are leveraging the scale and flexibility of mobile, while continuing to deliver a powerful, emotional experience for consumers."

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