Like the Apple ecosystem users have had for a while Android users now get to join in the fun of family sharing. Moments before the keynote started documentation on it went live, and the Android Police team was the first to discover it. According to this documentation the feature is set to go live on July 2nd of 2016 meaning everything bought after that date is fair game for the whole family (Up To 6).
Developers will need to update their app to support it by clicking a checkbox in the Pricing & distribution part of the developer console, nothing else required. So far thanks to teardowns we know of 1 limiting feature which is videos can be streamed one at a time, but everything else is fair game. Lastly, you can use one payment method for all so you can group all Google Play transactions in the one place on your family’s accounts. Also, developers can decide whether or not purchases before July 2nd can be shared among families.