Apple CEO Tim Cook introduces Apple News+ during a launch event at Apple headquarters on Monday

Apple launched a subscription news service Monday that includes more than 300 magazines as part of the iPhone maker's pivot to services.

For a monthly cost of $9.99, the Apple News+ service will include the Los Angeles Times and Wall Street Journal, digital news sites and magazine titles including Rolling Stone, Time, Wired and The New Yorker.

"We believe in the power of journalism and the impact it will have on our lives," Apple chief executive Tim Cook said at the rollout event in Cupertino, California.

"We think Apple News+ will be great for customers and great for publishers."

Apple News+ was launched Monday in the US and Canada in English and French and will be available later this year in Britain and Australia, the company said.

Separately, the company said it was launching a new game subscription service called Apple Arcade later this year with at least 100 titles. It will be available in 150 countries, with pricing to be announced later.

The move comes as Apple shifts to emphasize digital content and other services to offset slumps in smartphone sales, and as many news organizations are struggling to monetize their online services.

The company said advertisers would not be able to track the activity of Apple News+ subscribers, ensuring greater privacy.

Apple also said it would offer a credit card in partnership with Goldman Sachs to be integrated with Apple Pay, and that digital payments would be launched for transit systems in the United States.