Starting June 16, the annual cost of an Amazon Prime membership will increase by $20 to $119. That’s a 20 percent hike over the current $99 annual fee, and is just the second price increase for the program in its 13 year history.
The news came during Amazon’s recent first-quarter earnings call, during which the company reported near record-shattering revenue and profit—the second month in a row that the company experienced results that far exceeded expectations. Amazon recently cemented its position at the top of Dealerscope’s annual ranking of consumer electronics retailers.
According to CFO Brian Olsavsky, the decision came after Amazon took stock of the benefits of the program and recognized that the time was probably right to bump up the cost a bit. The last time the cost of Prime was adjusted came back in 2014, and since then Amazon has really expanded the program in all kinds of directions.