It will be available through the App Store on iPhone, iPad, iPod touch, Apple TV and Mac from Thursday 19 September.
In terms of price, it will cost $4.99 per month in the US (we're still awaiting UK pricing) and there will be no hidden costs. The entire family will be able to access and play any of the 100 exclusive games for the one subscription fee.
All in-app purchases and downloads will be included.
What's more, everyone gets a one-month trial period of the service for free with no commitment to subscribe.
As well as the release details, Apple used its September "Special Event" in Cupertino to highlight three of the big brand games coming to the platform from launch.
We're most excited by Konami's Frogger in Toy Town, the return of the hopping hero with updated graphics and perils.
Capcom will also be launching platformer Shinsekai: Into the Depths, while Annapura Interactive will be introducing Sayonara Wild Hearts, a rhythm action game that's "like playing a pop video".
We'll update when we have more details on Apple Arcade's pricing and release in other regions.