At an event in Los Angeles (livestreamed to offices in New York and San Francisco), YouTube revealed its much anticipated subscription service, YouTube Red.

Starting on October 28, the company will offer users a $9.99 per month membership for access to ad-free videos. Members will have unlimited access to videos and the ability to download them for offline viewing. It will also work across mobile and desktop devices and will be available anywhere you sign into YouTube (like YouTube Gaming).

Rumors of paid content started swirling in April, when a letter sent out to YouTube program partners made its way to a few media outlets. The letter promised to pay out 55 percent of net revenues from subscription fees.

Today's announcement is just the beginning for YouTube Red. The company says that it hopes to eventually start providing members with more original series and films — putting YouTube more directly in competition with Netflix. YouTube's originals are set to debut next year.

In addition, the company also revealed its new music app called YouTube Music. This app is all about music discovery, giving users free rein to explore YouTubes various music catalogs.

YouTube Music is likely a precursor to an upcoming subscription service for music videos on the platform. Last year, the company rolled out a service called YouTube Music Key that offers users ad-free songs and music videos for $8 a month. The service was in beta until September 15 2015, but no official roll out has been announced.