Netflix, Inc. (Nasdaq: NFLX) shares dipped lower earlier this afternoon as Google introduced its streaming video subscription service, YouTube Red.

According to the company, YouTube Red will be available on Android, desktop, and mobile for $9.99 per month, which is $1 cheaper per month than Netflix HD. For Apple (Nasdaq: AAPL) iOS user, the service will run $12.99 per month.

YouTube Red will launch on October 28th in the U.S. and users will be able to try out the service for one month for free. Google is planning to expand the service into other markets in early 2016.

Also next year, YouTube will offer member-only access to new, original shows and movies from some of YouTube’s biggest creators.

Google moving YouTube into a subscription service isn't a new topic, though putting a price and unveiling content for the service is a notable announcement. Of course, content is king and its unlikely that YouTube Red will be a major disruptor for Netflix, but it might slow down the membership growth process if Google can ramp up deals.

Amid today's news, Netflix is down 0.4 percent.