Google has quietly increased the price of YouTube Premium by a significant $2 from $12 to $14, according to the updated signup page spotted by 9to5Google. The annual price jumped to $20, from $120 to $140 per month, a savings of about $28 over paying month-by-month. YouTube also increased the price of Music Premium from $10 to $11 per month, matching similar increases by Apple and Amazon. The price increases weren't accompanied by any kind of official announcement.
On top of eliminating ads, YouTube Premium offers features like offline viewing and background playback (without it, your video will stop playing when the app is minimized or your phone screen is off). It also allows higher-quality 1080p streaming on some platforms.