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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