Samsung announced its latest version of its Gear VR virtual reality headset powered by Oculus. The device will cost $99 and be released in November.

The upcoming Gear VR headset will be priced at half the cost of the previous versions of the virtual reality device, according to Trusted Reviews.

This Gear VR headset will be compatible with all Samsung flaghsip phones released in 2015, Samsung executive Peter Koo said.

Koo introduced the new model at the Oculus Connect show. It looks very similar to previous versions of the Gear VR but with a newly designed trackpad. Samsung says the new Gear VR will be 22 percent lighter than previous versions, and it will be more comfortable to wear.

The newest Gear VR is also getting a new controller called the Gear VR Gamepad. It looks very similar to Xbox 360 controllers with two joysticks and four buttons on the front. Everyone in attendance at the Oculus Connect show received the Gear VR Gamepad for free, Tech Crunch reports.

Samsung is not describing this Gear VR as an "innovator edition," which could mean that the company thinks the device is ready for a public launch.

Oculus hopes that the Gear VR can bring virtual reality to "millions of gamers." Oculus' high-end Rift device will offer the best virtual reality experience from the company. The Oculus Rift headset is not as accessible as the Gear VR because it requires wiring to an expensive gaming computer.

The Gear VR is targeted as an everyday virtual reality device that can be paired with any 2015 Samsung flagship phone.

The Gear VR will come out before Black Friday in the U.S. offering a good holiday gift solution. Shortly after its U.S. release, the Gear VR will debut in the rest of the world.

Once the Gear VR is out there will already be a decent variety of virtual reality content available for the device. During the conference, it was announced that Netflix, Tivo and Twitch will all offer content for the Gear VR, Verge reports.