Google is all set to release its super efficient 4K HDR Chromecast Ultra, the media streaming device, next month. Valued at $69, it is being touted as the big thing in the market and is expected to give stiff competition to Roku and Amazon.

This new video player is an upgraded version of the supremely popular Chromecast streaming dongle of Google, reports PC World. The announcement was made on Tuesday at a big launch event where the Chromecast Ultra was also unveiled before the audience. It will become available for purchase from next month and is priced at $69. The previous version will also stay in the market and its price also expected to remain stable at $35.

According to Google, the Chromecast Ultra will support 4K HDR video from Vudu and Netflix apart from supporting YouTube 4K videos and Google Play Movies & TV. It will also be compatible with Dolby's flavor of HDR on televisions. The most exciting part is that it allows content to load 1.8 times faster. The wi-fi performance is also improved and it measures 0.25 inches wider in terms of diameter.

However, the design is still old and directly plugs into an HDMI slot. The same holds true for working as it works in a similar way as the older version, which is to say that it is controlled through the phone, tablet or the desktop browser. As for video and music services, they can be streamed through a "Cast" button that starts playback.

The attractively priced Chromecast Ultra really sounds like the next big thing and it seems Roku, Amazon and others of its ilk will get tough competition from the video player, claims Tech Times. The HDR quality is sure to make a difference as it is a very clear improvement. Given the price and the HDR ability to support HDR10 as well as Dolby vision formats, it can easily catch the attention of buyers.

It is worth mentioning here that the original $35 Chromecast dongle was launched in 2013 and became an instant hit but started looking outdated after other set-top devices entered the market.