OnePlus has just announced its latest flagship phone. It offers an experience like that of many of today's flagship smartphones, except - as usual - at a much lower price. 

The phone was unveiled via YouTube and Facebook Live in a fairly low key, roughly one hour long announcement. Here's everything you need to know about what happened. 

The OnePlus 5 launch event took place at 12pm EST (9am PST/5pm BST) on Tuesday 20 June. It was a pre-recorded announcement streamed live internationally. 

In addition, the company will be holding pop-up launch events in many major cities, including London, New York, and Berlin, on 20 June and 21 June. The phone will be shown off to a live audience at each of these events. Check out OnePlus' website to RSVP your spot.

Yes. Here is the OnePlus 5 launch stream, which you can re-watch right here:

Unlike most other phone manufacturers, OnePlus only concentrates on building one product at a time. Specifically, this is normally a high-end smartphone that doesn't cost as much as the competition. This year is no different. Only one device was shown off during the launch event. 

The OnePlus 5 is the latest in this lineup and it features Qualcomm's most powerful processor yet. This 2.45GHz Snapdragon 835 chip is paired with either 6GB or 8GB of RAM. This chipset isn't just more powerful, it's also more efficient than before, as is the type of RAM used. This means you get the same (if not better) performance from the 3,300mAh battery than what was delivered by the OnePlus 3T's 3,400mAh cell. 

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On the back, there's a dual camera made up of one 16-megapixel f/1.7 camera and a 20-megapixel f/2.6 camera. These combine to produce background blur on portrait mode photos and also enable a quick 2x zoom without losing much detail. It also has EIS (electronic image stabilisation) to reduce blur when you're moving and shooting. There's also a new Pro mode, which includes a horizontal reference line and a histogram. 

Like the previous two models, the OnePlus 5 has a 5.5-inch full HD AMOLED display, this time coated in Corning Gorilla Glass 5. Undoubtedly one of its best features, however, is the Dash Charge technology which can deliver enough charge in 30 minutes to get you through a full day. 

It's available in Midnight Black and Slate Gray, with 128GB and 64GB storage respectively. The lower capacity grey model is £449, while the higher spec black model is £499. It'll be available to buy direct from OnePlus from June 27, and will also be on the high street, through O2's retail stores