Health Care

Amazon hikes annual Prime membership fee by 20% to $119

Amazon hikes annual Prime membership fee by 20% to $119

"We've always expected that the company would increase the base price every five years or so, while finding ways to raise the amount spent per membership via other means like subscription services", he said.

New Prime members in the United States will be charged the higher price starting May 11.

Amazon CEO Jeff Bezos revealed in a shareholder letter last week that there are now more than 100 million subscribers for Prime, a $99 annual membership program that offers shipping perks and video streaming.

This latest Amazon Prime price rise comes just months after the monthly prices of Amazon Prime were increased.

Amazon executives said Thursday that the price hike was due to the rising costs of the Prime program, CNN Money reported.

Amazon said it earned $1.6 billion in the first three months of this year on revenue that soared to $51 billion from $36 billion in the same time last year. Global sales also grew at a faster rate in this quarter compared to the previous quarters as Amazon gets more aggressive in its India fight with Flipkart.




Olsavsky told investors on the call that Amazon's Prime service has grown exponentially since the company first launched it. Analysts were expecting 85 cents per share on revenue of $25.8 billion.

Amazon Web Services, which handles data and computing for large enterprises in the cloud, saw its profit margin expand in the quarter. It's the second time Amazon's quarterly profit has topped $1 billion.

In a call with financial analysts, Brian Olsavsky, Amazon's chief financial officer, said that four years ago, Prime members could receive free two-day shipping on about 20 million products from Amazon.

"This was an unusually strong quarter for Amazon, where results came in both better for revenue and profits across the board", said Mark Mahaney, an analyst at RBC Capital Markets.

Earlier this year, Amazon announced a partnership with JPMorgan Chase & Co and Berkshire Hathaway Inc to determine how to cut health costs for hundreds of thousands of their employees. The company has increasingly targeted the smart home market, and though you don't need a Prime membership for many things, the company keeps some of its best offerings behind that paywall.


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