Monthly subscriptions to Hulu's streaming television service that serves up ads along with shows and films will be $5.99 after a $2 price cut takes effect in late February, according to the company.

An ad-free Hulu streaming plan will remain $11.99 monthly, while the price of a deluxe plan combining on-demand and live television will be bumped up to $44.99, an increase of $5.

Hulu is a joint venture of Walt Disney, Fox, NBCUniversal and Warner Media.

"Hulu is giving TV fans what they want -- choice, flexibility and control -- in what they watch, how they watch and what they pay for the TV plan that best suits their needs," the company said in a release.

Leading streaming television service Netflix last week boosted prices for US subscribers.

The California-based company, which has nearly half of its 130 million paid members in the US, raised the price of its most popular streaming plan with high-definition video by 18 percent to $12.99 per month.

Netflix will also boosted prices of some other subscription plans and will apply those rates to Latin America and Caribbean countries where it bills customers in US dollars.

The three large US streaming television groups -- Netflix, Amazon and Hulu -- have been investing heavily in new content as competition ramps up with new offerings from traditional media giants such as Disney and CBS, and a newly announced plan from Comcast-owned NBCUniversal.