Google has announced that the long-awaited YouTube app is now available on the Apple App Store.

Although a native YouTube app appears on the current iPhone, it was created by Apple, not YouTube. The timing couldn’t be more perfect with the expected launch of the iPhone 5 and iOS 6 tomorrow.

The biggest difference between the new YouTube app and Apple’s version is advertising. For the first time, YouTube will show pre-roll ads ahead of its mobile videos — something it was unable to do previously. The addition of ads will not only increase monetization, but it will unlock tens of thousands of videos that weren’t viewable on the old app.

YouTube’s new app also increases video discovery. By swiping a finger to the right, viewers can check out a new YouTube Channel guide, which highlights subscriptions. It’ll also let them flip through related videos, comments, and other videos, even while watching a video.

The company has even made it easier for viewers to share videos with quick access to Google+, Twitter, Facebook, email, and messaging. What isn’t clear, however, is whether you will be able to upload videos from your iPhone to your YouTube account — currently this doesn’t appear to be an option.

While the YouTube app for iOS will work on the iPad, it isn’t optimized for the tablet. YouTube noted that official iPad support with additional functionality will be available in the future.

[Via: VentureBeat, Image credit: jonsson]