Amazon is increasing the cost of annual Prime memberships from $99 to $119

Amazon announced today during its quarterly earnings call that the price of its Prime membership will increase by approximately 20 percent for US users. UU The walk, announced by CFO Brian Olsavsky, will raise the Prime membership from $ 99 per year to $ 119, effective May 11 for new members and June 16 for existing ones.

"Prime's value to customers has never been greater," Olsavsky said. "And the cost is also high, as we noted especially with the shipping options and digital benefits, we continue to see increases in costs." Earlier this year, Amazon increased the price of monthly Prime subscriptions by 24 percent to around $ 156 per year. This price increase, however, is the first time the company has increased its annual rate since 2014.

Last week, Amazon CEO Jeff Bezos revealed in his annual chart of shareholders that his company has more than 100 million Prime members, marking the first time the company has ever shared subscription numbers for the platform.