Walt Disney Co. will increase the cost of ad-free Disney+ subscriptions this year while adding Hulu content to the Disney+ streaming service and removing some shows from streaming entirely, executives announced Wednesday.

Disney DIS executives have been making changes to their streaming strategy in an attempt to lose less money from offering its content directly to consumers over the internet. The company launched an ad-supported version of Disney+ in the U.S. and other countries late last year, and increased the cost of its...