If you've been waiting to get your hands on the Amazon Prime membership, you'll have to form over a little bit more money if you don't sign up soon. Amazon has increased the cost of Prime membership in the US from $99 a year to $119 a year.
In the company's latest earnings call, CFO Brian Olsavsky said that the 20 percent price hike will go into effect on May 11th. Existing Prime members will see the new fee applied to their accounts upon renewals starting June 16th.
Just a week ago, CEO Jeff Bezos said that Amazon has over 100 million paid Prime members worldwide. The company's Prime service comes with free two-day and one-day shipping as well as Prime Video subscription. Other perks in the membership include Whole Foods discounts and DVD exclusives.
“The value of Prime to customers has never been greater,” said Olsavsky, but added that it's also expensive. “The cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs.”