Users will save $5 by signing up for both. Spotify Premium costs $9.99 per month for ad-free service and access to its music library. Hulu's "limited ads" service costs $7.99 per month.
The companies are also offering a promotion that allows subscribers to test the limited-ad plan for 99 cents for three months before they're billed the full $12.99 for the bundle. Here's how that pricing works, according to Hulu:
You'll pay one bill to Spotify for both services. Your first month is the price of your Premium plan plus the Hulu 3-month trial price. After your trial, you'll then start paying $12.99/month for both. Here's what it looks like:
1st month: $9.99 + $0.99 + tax
2nd month: $9.99 + tax
3rd month $9.99 + tax
Following months: $12.99 + tax
The new option is currently only available to users who pay for Spotify Premium, though Hulu said it plans to offer it to everyone sometime this summer.
Of note: Spotify offers a $14.99 a month premium subscription for families, though there's currently no option to add Hulu if you're paying for that.
Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.