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Hulu is lowering the price of its basic on-demand plan to $5.99, a reduction of $2.

But it's not all good news for Hulu subscribers. Hulu is also raising the price of its live TV streaming service, Hulu with Live TV. That plan will go up to $44.99 per month, an increase of $5 per month.

Both of these new prices kick in on February 26th.

Hulu's basic on-demand plan is its most popular. The price drop on the on-demand plan comes on the heels of Netflix's announcement of a price increase. When both companies' changes go into effect, Hulu's most popular plan will cost less than half of what Netflix's most popular plan (the $12.99-per-month standard price) does.

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