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As part of the first day of its Goole I/O tech developer conference this week, Google launched a subscription-based streaming music service calledGoogle Play Music All Access. During the annual event, held in San Francisco, Google’s engineering director for Android, Chris Yerga, announced the new service, which is set to compete against existing music-streaming sites such as Spotify and Rdio.

Even Google’s major competitor, Apple, which still doesn’t have a streaming music service, may see its iTunes market share challenged by All Access. All Access is part of the Google Play platform which allows users to browse and purchase music, magazines, books, movies, television programs, and applications published through Google.

All Access costs $9.99 per month, with a 30-day free trial, but customers signing up before June 30th will pay a reduced monthly fee of $7.99. All Access provides unlimited access to Google’s entire online streaming music library, which is based on licensing agreements with music companies such as Universal Music and Sony Music Entertainment.

The subscription service can be used through the Google Play Web client and on Android devices. Subscribers can also add songs from the library to their devices for offline access. In addition, the monthly subscription includes a custom radio feature based on the songs, artists, and albums you select. All songs can be managed in playlists, purchased for download, and shared on Google+.

Included in the service for both subscribers and non-subscribers, is free access to the Google Play music storage locker which lets you upload up to 20,000 of your own songs and albums from your computer using the cross-platform Google Play Music Manager. The manager scans your iTunes library and any music folder on your computer and matches it with the same songs from the Google Play library. Copies of your songs not found in the Google library will be uploaded to your account.

All Access is currently US only, but if successful, might expand to other parts of the world in the future.

So what do you think of Google new music streaming service? Will you try it out or switch from your existing online music subscription?