Alphabet's (NASDAQ:GOOGL) (NASDAQ:GOOG) YouTube is one of the largest entertainment platforms in the world, drawing 1 billion visitors to its site every month. Last month, the company launched a new subscription option, YouTube Red, which removes advertisements, allows subscribers to download videos and play them in the background, and includes access to Google's premium music streaming service. YouTube is also producing original content specifically for YouTube Red, and viewers will have to subscribe to gain access to those shows. 

The new subscription service pits YouTube against both premium streaming video on demand products -- like Netflix (NASDAQ: NFLX), Hulu, and Amazon (NASDAQ: AMZN) Prime Instant Video -- as well as music streaming services -- like Spotify, Apple (NASDAQ: AAPL) Music, and Pandora (NYSE: P). Can YouTube really take on everyone?

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Adam Levy owns shares of AMZN and AAPL. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon.com, Apple, Netflix, and Pandora Media. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.