YouTube’s streaming music service is launching next week

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Pay $11.99 per month and you'll have access to YouTube Premium, which includes YouTube Music Premium, as well as ad-free videos, downloads and access to YouTube Originals.

YouTube will be shutting down its YouTube Red subscription service, and replacing it with two new subscription offerings.

That's right, the new streaming channel is less than a week away, but there's a catch - it is only available at launch in the United States, Australia, New Zealand, Mexico and South Korea.

YouTube Music is a "reimagined mobile app and brand new desktop player [.] designed for music" according to Google. There will be a mobile app and a desktop player created to stream pre-programmed playlists, personalized music suggestions, live performances, and music videos, according to a statement from YouTube. Unlike YouTube Music Premium, YouTube Premium will be price at $11.99 per month for all new members.

After confirming last night that YouTube Music Premium and YouTube Premium are both coming soon, Google has now provided more info on its official YouTube blog. If you are a current YouTube Red customer, you can continue to enjoy both services at the price you're paying.

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Google Play Music subscribers will automatically move to YouTube Music, without losing their playlists, purchases and uploads. It also announced that it is moving YouTube Red over to YouTube Premium, which does sound better and more descriptive of what the service actually is.

In fact, if you are a subscriber to Google Play Music you get a YouTube Music Premium membership as part of your subscription. The app will also bring personalize your experience by surfacing tracks it thinks you might like on the home screen, and recommending playlists based on your listening history and location. Spotify and Apple Music subscribers may be content with their chosen services for now, but if YouTube Music truly does become a legitimate contender in the streaming market, it will be hard to resist the allure of YouTube Premium for all the extra perks it offers.

YouTube Music will launch - or rather relaunch - next week.

YouTube says they're going to be launching more YouTube Original series which include "comedies, dramas, reality series and action adventure shows" soon. It's unclear if YouTube Premium will be rolling out to other countries, however.