(Pocket-lint) - In less than two months, you'll be able to buy a new and affordable virtual reality headset made by both Facebook-owned Oculus VR and Samsung.

Peter Koo, Samsung's SVP, has just announced at Facebook’s Oculus Connect VR developer conference that - after two years of working together - Samsung and Oculus are ready to release a new, co-developed consumer headset. It will cost $99 (roughly £64) when it launches in November.

Called Gear VR, it follows a previous version of the headset that cost $200. The upcoming Gear VR is scheduled to launch in the US before Black Friday, and then it'll roll out worldwide shortly after, meaning it should make an ideal Christmas gift for any loved one this holiday season.

Facebook | Oculus VR Connect

The new Gear VR will work with Samsung's entire 2015 smartphone line-up, which includes the Galaxy Note 5, Galaxy S6 Edge+, Galaxy S6, and Galaxy S6 Edge. It will also be lighter and more comfortable than the previous Gear VR that only worked with the Galaxy S6 or the Note 4.

Keep in mind this is a budget headset, so the phone itself powers the virtual reality experience. You slot the phone into the headset, and then you wear the headset like a pair of goggles. Apart from the new headset with Samsung, Oculus announced some VR content and partnerships.

Facebook | Oculus VR Connect

The company said Netflix is coming to Gear VR, though you can also download it right now directly to your existing hardware. There's also something called Oculus Video, which will feature VR content from Alien Trilogy, Lionsgate, as well as Facebook's 360 degree videos.

And finally, Oculus is partnering with Twitch to deliver gaming streams, while other notable partnerships include ones with Hulu and Vimeo. Check out Oculus' Connect page to see a live-stream of today's event and more.

Writing by Elyse Betters.