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Current Spotify Premium users can upgrade starting today, and the plan will be opened up to everyone later this summer.

Spotify on Wednesday announced a new bundle deal called "Spotify Premium, now with Hulu" that combines the two subscriptions for $12.99 per month.

Currently, Spotify Premium costs subscribers $9.99 a month, while Hulu's limited-commercial plan costs $7.99 a month. That's a savings of $4.99 per month if you already pay for both services separately. For now, they are offering paying Spotify members a three-month trial of Hulu for $0.99; after that you'll be switched over to the $12.99 monthly bundle unless you cancel.

This isn't the first time Hulu and Spotify have worked together on a joint plan.

The bundle costs $12.99 per month, and for that you get Spotify Premium plus the entry-level Hulu package. This Hulu and Spotify bundled offer does offer some value at $13 for both and will be interesting to watch and see if it gains wide appeal, causing digital and legacy competitors alike to respond.

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Other music services typically use 40MB for the same amount of streaming, said Spotify.

Streaming competition is heating up, and two of the giants in the space are teaming up to provide a music and video bundle for one low monthly price. As many of you probably already know, Spotify now exists in two different forms: free and paid. However, the billing is handled by the Spotify for both services, says The Verge.

"Our student launch with Hulu was incredibly well received and we are excited to extend our reach by bringing Hulu to more of our Premium members in the USA", said Spotify chief premium business officer Alex Norstrom.

Spotify said the student offer was "incredibly well received".

The new offer is available initially to existing Spotify Premium subscribers only.