The cost of the Max streaming service from Warner Bros. Discovery has been increased.

• Max will increase the cost of its ad-free options by $1 per month and $10 to $20 per year for its annual packages.
• "House of the Dragon" is set to return for its second season, just days before its premiere.
• Disney+, Hulu, and Max are being bundled by Warner Bros. Discovery at a discounted price.

On Tuesday, Max announced price increases for its ad-free options, following the lead of several streamers who raised the cost of their memberships.

The premiere of "House of the Dragon" attracted nearly 10 million viewers, making it the biggest in HBO's history, and the show's second season is set to debut 12 days later.

Max offers three pricing plans: with ads, ad-free, and ultimate ad-free, with the latter providing more devices and downloads than the cheaper options.

The monthly price of the ad-free streaming service option will increase by $1 to $16.99, while the yearly ad-free plan will rise by $20 to $169.99. The monthly cost of the ultimate ad-free plan will also increase by $1 to $20.99, while the yearly ultimate plan will jump $10 to $209.99. The ad-supported option will remain unchanged at $9.99 a month or $99.99 a year.

New subscribers will experience the price increase immediately, while existing subscribers will see the hike starting from their next billing cycle on or after July 4.

The price hike is a result of Warner Bros. Discovery's decision to bundle their streaming services, Disney+, Max, and Hulu. The bundle will be available in both ad-supported and ad-free tiers. Although the pricing has not been disclosed, CNBC reported that it will be offered at a discount to make it more appealing.

Despite adding two million direct-to-consumer streaming subscribers during the quarter, Warner Bros. Discovery missed both top- and bottom-line estimates for its first-quarter earnings report last month.

During the company's earnings call, CEO David Zaslav stated that Warner Bros. Discovery aims to retain subscribers through the bundle offering, which offers lower prices, in order to reduce the loss of customers, a major issue in the streaming industry.

Max has raised the price of its ad-free service for the second time since its launch. In early 2023, the company increased the monthly cost of the ad-free tier from $14.99 to $15.99, stating that the increase would enable them to invest in their content and user experience.

Streaming services are increasing their prices. NBCUniversal recently raised the cost of its Peacock platform by $2 per month, while Hulu removed its basic ad-free option last summer and replaced it with a cheaper ad-supported option and more expensive ad-free options.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.