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Re:Show HN: I have created an open-source version of YouTube... by minimaxir on Monday April 11, 2016 @04:17PM (#11474750)
Note that the title refers to YouTube PIP on Android. (YouTube Red encompasses a large number of features and the HN title is ambiguous)
Re:Show HN: I have created an open-source version of YouTube... by iamshyam on Monday April 11, 2016 @04:25PM (#11474806)
The main feature is that you can play videos in parallel with other applications. YouTube Red facilitates it.

One addition thing is that you can see the video in minimized window, not in YouTube Red.