"The new price better reflects the substantial value of Hulu + Live TV and allows us to continue offering all of the popular live news, sports and entertainment programming included in the plan," the company explained in the announcement.

To help ease the pain, the company recommends switching to streaming-only plans during times of the year when you don't need live TV. It gave the end of football season as an example. Sure, that works, but it's not necessarily an ideal scenario, especially for those of us who are terrible at planning or remembering to cancel.

At $54.99 per month, Hulu + Live TV is now $5 a month more than YouTube TV. Hulu isn't the only company raising rates though, as AT&T did the same in October. As live TV streaming becomes increasingly more popular, and services continue to expand their content lineup, higher prices are inevitable. Which begs the question: Is this really better than cable?