Today Spotify teamed up with Hulu to unveil a streaming bundle that will allow users to stream music and television shows under a single subscription plan. Best of all? It's insanely cheap.

In a press release on Hulu's website, the companies announced that Spotify Premium for Students, now with Hulu, will launch today nationwide - just in time for the school year.

The first-of-its-kind entertainment bundle will offer students immediate access to ad-free Spotify Premium as well as Hulu's Limited Commercials plan for only $4.99 per month. This means students will be able to stream Hulu originals like "The Handmaid's Tale" and "The Mindy Project" in addition to wildly popular fan-favorites like NBC comedy "Parks and Recreation" and gripping horror-drama "The Walking Dead."

What's more, the bundle is available to all qualifying new and existing Spotify premium subscribers, so if you're already using Spotify Premium for Students, you won't be left out. All you have to do is activate Hulu by verifying your student status. However, if you are a student but you're part of a Spotify Premium for Family plan, you'll have to cancel your subscription and sign up for the new package. If you're afraid of losing your account's content by doing this, don't worry - Spotify says that switching plans won't cost you your playlists.

The same rule applies if you're a student with an existing Hulu Limited Commercials plan. As long as you don't have any premium network add-ons and you can verify your student status, your account can be merged into Spotify Premium for Students + Hulu.

Alex Norstrom, Chief Business Premium Business Officer at Spotify, seemed to say it best:

In bringing Spotify and Hulu together, we're now able to offer students – both the millions already on Spotify Premium, and those who are new to Spotify – access to the world's best music, TV and movie content in the simplest possible way.

Now all the rest of us non-students have to do is hope and pray that Spotify and Hulu expand this beautiful partnership to a wider market. Sign me up!

Thoughts?

What do you think of Spotify and Hulu teaming up? What do you hope to see in the future? Let us know in the comments!