The company is trying to turn the tide with the Pixel 5, which offers a few new twists, including the ability to work with the new ultra-fast wireless networks called 5G that are still being built. The new phone also will boast several new camera features, including a tool for taking portraits in low lighting and a wide-angle lens.

But perhaps the Pixel 5’s biggest selling point will be its $700 price, a markdown of $100 from last year’s model.

The phone, available Oct. 15, is coming out two months after Google introduced a budget version, the Pixel 4a, that sells for $350. Google also revealed Wednesday that it will make a 5G version of the Pixel 4a that will sell for $500 aimed at consumers who want faster connections while they also watch their budgets during a recession brought on by the pandemic.

Apple also is selling a cheaper version of the iPhone for $400.

Google has had more success with a hardware lineup called Chromecast that streams online video on TVs. But Chromecast also faces a wide array of competition from similar streaming devices made by Roku, Amazon and Apple.

In an attempt to differentiate itself from the rest of the pack, Google’s next Chromecast includes a new service tying together some of its own services with a wide variety of apps made by other companies. It’s all supposed to make it easier for viewers to sift through TV channels and streaming services to find something they want to watch.