YouTube is expected to reveal its paid virtual cable package at a press event in New York Tuesday, reports the New York Post. The bundle is reportedly very similar to Dish's Sling TV, and has a vast range of cable channels available for purchase between $30 and $40 a month.

As the NYP points out, Hulu, 21st Century Fox, Disney and Comcast are also planning to launch cable packages at a similar price.

Why this matters: Millennials and younger generations are increasingly choosing to watch content on portable devices, such as smartphones and laptops, rather than on traditional pay-TV services. YouTube's move toward providing users with a way to watch established TV channels online reflects that growing demand.