Google is going to allow you to share the movies, music, and apps you purchase from its Play Store amongst up to six of your family members, Gizmodo and CNET report. Content you buy from those stores can be shared across Android devices, Google's websites, and the Google Play apps on iOS. Android apps, of course, only work on Android (and, soon enough, Chromebooks). It's called Google Play Family Library, and it works pretty similarly to how Apple's family share program operates.
Last December, Google Play Music announced a family share plan at $14.99 per month for streaming music, which also works for up to six people. This plan is similar, though of course it doesn't cost extra. It seems like it will be a relatively full-featured system, too. For example, a parent (or whomever controls the Family Library account) will be able to specifically exclude whatever content they'd like from being shared to other devices. They'll also be able to allow family members to all make purchases on the same credit card that was used to set up the account (a credit card is necessary to sign up to the program). All receipts for purchases made by any family member will be sent to the owner, so you can keep tabs.
CNET says that the new system will roll out to a bunch of countries later this month.