YouTube is hoping users will be willing to pay for the ability to watch its videos without ads. The Google-owned mega-video site today introduced YouTube Red, a subscription service that industry watchers have been eagerly anticipating, The New York Times reports.
The service will cost $10, and along with enabling ad-free viewing, the subscription price will give viewers acces to YouTube Originals, an original programming initiative that was also announced today.
Said YouTube Chief Business Officer Robert Kyncl: “People are embracing paid subscriptions for ad-free content at an incredible pace. Kyncl introduced the the new initiatives at the YouTube Space in Los Angeles.
“Mr. Kyncl also gave some updates on the company’s ad business, noting that the number of advertisers running campaigns on YouTube is up 40 percent over the last year and that the top 100 advertisers have increased spending by 60 percent,” The Times notes.
YouTube Red is set to launch next week.