YouTube will soon unveil a paid subscription service for some YouTube specialist video channels. Google and YouTube will allegedly use paid subscriptions to finance a "broader range of content and add a second revenue stream to the digital video market leader," according to Financial Times.

YouTube's paid subscriptions, which have allegedly been in the works for months, is expected to be revealed this week. The change will affect as many as 50 YouTube channels.

Fans of the channels will be able to subscribe to each channel for $1.99 per month.  YouTube and content creators would share the revenue generated by subscriptions.

A person familiar with the plan told the FT that the subscription service will allow channel creators to make different content, like TV shows and films.

A YouTube spokesperson told Mashable, "We have nothing to announce at this time, but we're looking into creating a subscription platform that could bring even more great content to YouTube for our users to enjoy and provide our creators with another vehicle to generate revenue from their content, beyond the rental and ad-supported models we offer," when asked about the paid subscription program. 

Current YouTube Channel partners include Howcast, The Onion, World Wrestling Entertainment and Machinima. Which channels will participate in the new program is still unknown.

YouTube has been moving away from user-generated content to more professional-looking videos. New start-up channels have expanded YouTube's audience to 1 billion users. Robert Kyncl, global heads of content partnerships for YouTube, said, "We're seeing a myriad of brands increasing their media spend."

Traditional media companies and television networks have started to move to YouTube to increase their profit and audience. DreamWorks Animation, for example, just this week made a deal to acquire Awesomeness TV, a teen-focused YouTube network.

Subscription YouTube channels would compete with video streaming services like Netflix and Hulu.