Finally! After weeks of speculation, Hulu has finally announced its premium content offering, Hulu Plus. As expected, the service will cost $9.95, and will provide access to a deeper library of content than is currently available. It will also feature an iPhone and iPad app, and will let users watch programming on their television sets through videogame consoles like the Microsoft Xbox 360 and Sony Playstation 3. It will also be built into select Sony and Samsung television sets.

It also features full 720p high-definition video streaming (compared to 420p for regular users).

Hulu CEO Jason Kilar unveiled the service on the Hulu blog:

Hulu Plus is not a replacement for Hulu.com. Hulu Plus is a new, revolutionary ad-supported subscription product that is incremental and complementary to the existing Hulu service. For almost all of the current broadcast shows on our service, Hulu Plus offers the full season. Every single episode of the current season will be available, not just a handful of trailing episodes.

With Hulu Plus, we believe we’ve met that goal. For our end users, we’re offering them the most convenient way to access their favorite shows, on devices they love, in high definition, at a fair price. For our advertisers, who allow us to keep our Hulu Plus price low with the support of ad revenue, we offer one of the world’s most effective advertising platforms, with the ability to speak effectively to users across a variety of devices, anywhere they happen to be. And finally, for our content partners, we offer revenues that compensate them fairly for bearing the cost of producing the shows we love.

As rumored, the service will launch in closed beta, so users have to request an invitation to gain access to the service.

WebNewser will have more on Hulu Plus later in the day.