YouTube TV price hike: Streaming service will cost an extra $8 per month

YouTube TV is hiking its monthly rate. 

The streaming service will be raising its price from $64.99 to $72.99 per month, according to an email sent to subscribers on Thursday. It’s the first price hike in nearly three years. 

“As content costs have risen and we continue to invest in the quality of our service, we are updating our price to keep bringing you the best possible service,” the letter reads. “‌We hope YouTube TV continues to be your service of choice, but we also understand that some members may want to cancel their service.”

A statement from YouTube TV said the new price goes into effect Thursday for new members and on or after April 18 for existing members.   

The service, which features shows from the major TV broadcast networks and select cable offerings, initially charged $35 per month when it launched in 2017.

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The price hike announcement comes two days after YouTube TV announced that it would begin testing a multiview feature that allows YouTube TV subscribers to watch up to four pre-selected games simultaneously.

YouTube TV is also lowering the price of its 4K Plus add-on from $20 to $10 per month, according to the letter.

How does YouTube TV's price compare to cable and other streaming services?

► YouTube TV offers live TV from more than 100 channels for $72.99. The package includes unlimited DVR space and up to three simultaneous streams. 

► Spectrum TV's select plan includes more than 125 channels with a promotional price starting at $59.99 per month for one year.

Its fine print notes that taxes, fees and surcharges, including a broadcast surcharge of up to $22.20 per month, are extra and subject to change both during and after the promotional period. 

► Cox's TV starter package includes broadcast channels such as ABC, NBC, CBS, and Fox and starts at $50 a month, plus fees and taxes.

► Hulu with ads plus more than 75 live TV channels, Disney + with ads and ESPN+ with ads starts at $69.99 a month.

Hulu with no ads plus live TV, Disney+ with no ads and ESPN+ with ads starts at $82.99 per month. 

► Sling's orange and blue package includes 43 live channels on up to three devices and 50 hours of DVR storage at $55 per month. 

► FuboTV's pro plan includes 159 channels that can be watched on up to 10 devices simultaneously at home, plus 1,000 hours of DVR storage for $74.99 per month.

► Philo costs $25 per month for more than 70 channels. The package includes unlimited DVR space and simultaneous streaming on up to three devices. 

► DirecTV's streaming package starts at $74.99 per month plus tax for more than 75 channels. Customers can stream on as many devices as they'd like at home, and the deal includes unlimited DVR storage.  

Dig deeper:

• New YouTube TV multiview feature will allow sports fans to watch up to four games at once
• YouTube TV lands exclusive NFL Sunday Ticket deal at $2 billion per year
• What channel is truTV? How to watch first round games of NCAA Tournament

You can follow USA TODAY reporter Bailey Schulz on Twitter @bailey_schulz and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday.