With its limited selection of content, still-present ads, and price of $9.99 per month, Hulu Plus doesn’t appear to have been a hit so far.  Now, however, there’s a rumor Hulu’s going to see what sort of interest there is at the price point of $4.95 per month.

Peter Kafka‘s usually-reliable sources told him that discussions are underway.  They didn’t guarantee that a change will take place, or indicate when the matter might be decided for sure.

Still, a price cut seems like a smart – and probably necessary – move on Hulu’s part.  It’s possible to sign up with Netflix for $8.99 a month, after all, and Netflix has a huge range of movies and TV shows on tap.  Without commercials of any sort inserted in them.

Also, Netflix is at this point the sort of incumbent option when it comes to extra video content, so Hulu would be wise to beat, and not just match, its price.

We’ll be sure to see what happens.

For what it’s worth, all’s quiet on authorized channels.  Kafka wrote, "Hulu declined to comment about the service, which is still officially in beta mode."