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YouTube's launching a commitment-free TV service with live streaming and unlimited DVR

It's "TV designed for the YouTube generation."

Move over, cable TV – YouTube is busting into the live television market with a new service aimed at millennials.

Here's the deal: Nowadays, people want options when it comes to watching television. They want to be able to watch things live. They also want to be able to watch shows anywhere, anytime, and without any long-term contracts.

That's why the company announced a new service Tuesday: YouTube TV – "TV designed for the YouTube generation."

It'll offer live streaming of major channels – ABC, CBS, FOX, NBC, ESPN – as well as regional sports networks and dozens of cable networks. YouTube says it's also partnered with local TV stations so you can watch the local news. Click here for the list of channels.

And you can watch all that straight from your phone, computer, tablet or TV. That could really be a game changer for the 25 percent of Americans who've ditched cable or satellite TV and just watch shows online.

If you can't catch a show live, the package also includes a cloud DVR so you can record shows – and there are no storage limits. So you can record and save several shows at once without having to worry about using up data or space. YouTube will automatically save your recordings for nine months.

A YouTube TV membership costs $35 a month and it's commitment-free, so you can cancel anytime. You can add some extra channels to your package for an extra fee.

Each membership comes with six different accounts – each with its own limitless DVR. Up to three video streams can play at a time.

So when will it launch?

Depends where you live.

YouTube says in its blog the new TV service will "soon" be available in "the largest U.S. markets," then it'll expand from there.

If you click here, you can sign up to be notified when YouTube TV launches near you.

CNBC says Google can expect some competition in this market because Hulu is expected to launch a similar service this year.

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