May 05, 2016 04:05 AM EDT

Netflix 2016: Streaming Service May Take Down Cable TV; Hulu Update Threatens Company?

Recent Netflix 2016 news revealed that the streaming service could one day bring the demise of traditional television. Apparently, people believe that the company will be the future of watching TV.

Digital Trends reported that a new study from AllFlicks claimed that 76 percent of those who subscribe to Netflix expect the streaming service to take over traditional television. It was said that flipping through channels may soon be obsolete.

The publication noted that the participants of the survey may have been biased, though, since they were already using Netflix's streaming service. However, cable TV providers should still be alarmed about their services' declining popularity.

This may come as a surprise to some as Netflix has recently announced a price hike for longtime subscribers. The new price will be implemented this month.

The new price is $2 higher than its previous price point. Since October, new customers have been charged with $9.99 for the service's most popular plan. The company has stated that it will be sending an email to affected customers to let them know about the upcoming increase.

Meanwhile, Hulu will reportedly be launching a new subscription service that would allow users to stream network and cable TV content. According to CNET, the company is planning to roll out the new service by early 2017.

Co-owners of Hulu, Walt Disney and 21st Century Fox are believed to be already finishing deals that would add several of their channels to the service. It is highly likely that Disney would provide ABC, ESPN and the Disney Channel while Fox News, FX as well as other local sports channels will be served by Fox.

Forbes added that Hulu's new live streaming service may not pose a real threat to Netflix. This is because Netflix aims to bring high-quality video on demand to its users as well as original content.

Last month, Netflix dethroned HBO for having the best original content in a survey conducted by Morgan Stanley, a Wall Street firm. HBO placed second in the poll.

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