Hulu has announced they will be lowering prices on their ad-supported subscription plan. The move comes just days after Netflix announced price increases across all subscription plans.

Hulu's ad-supported subscription plan will drop to $5.99 per month, which is down from $7.99 per month. The price drop will take effect on February 26th. The pricing decrease does not mean that ad volume will increase for that subscription plan.

The streaming service's "no commercial" plan, which is set at $11.99 per month will remain at its current price. The Hulu/Spotify combo plan will also remain the same at $12.99 per month. Spotify bills customers on that specific plan.

The price decrease comes on the heels of Netflix's recent price hike. Netflix's most popular plan, which includes HD streaming is up from $11 to $13 per month. Its most expensive plan that includes 4K content is up from $14 to $16 per month, and its basic plan (no HD) goes from $8 to $9. Netflix subscribers will see these increases reflected over the next few months.

Hulu currently has 25 million subscribers, which is well short of Netflix's 58 million U.S. based customers, but Hulu did see a 48 percent increase in subscriptions over the past year.

Enjoy your price break, Hulu streamers! Unless of course, you're like me and you need all streaming services at your disposal, then the Hulu drop just likely canceled out your Netflix price hike. In that case, don't worry about it. Happy streaming, everyone!