Soundcloud just launched its competitor to Spotify and Apple Music and it will cost $9.99

Soundcloud has launched a new premium music streaming service, Soundcloud Go, the company confirmed to Business Insider.

Soundcloud Go will have a 30-day free-trial period and then be $9.99 per month after that. The service will be ad-free, allow offline playback, and give access to a broader catalog of music, presumably to compete with competitors like Spotify, Apple Music, and Tidal.

Soundcloud Go's $9.99 pricing is industry standard, aligning with the basic plans of Spotify and Apple Music (though if you sign up through the app store it will be $12.99 because of the fee Apple charges).

Soundcloud has worked in recent months to sign deals with major labels like Universal, Sony, and Warner, in advance of this rollout. There have also been reports that the service has struggled to move toward profitability, and lost $44.19 million in 2014.

SoundCloud has 175 million users, but how many will sign on to the new service?

"Looking at conversion rates, it's likely they'll end up with low single digits," Mark Mulligan, a Midia Research analyst, told Billboard. Still, it's huge user base could make Soundcloud a force in the market, even with a lower conversion rate. Spotify recently announced it has 30 million paid users, and Apple Music has around 11 million.

Soundcloud isn't the only streaming music player looking to jump into the on-demand arena. Pandora has said it wants to move into this area as quickly as possible, and replaced its CEO on Monday, partially to help with the label negotiations necessary for that jump, sources told The Wall Street Journal.