Tech

Amazon hiking price of annual Prime membership by 20%

Amazon hiking price of annual Prime membership by 20%

"We always evaluate the price of Prime in all the countries we're in, and we're looking for creative ways to reach the customer", Olsavsky said later in the conference call. Prime, he said, "is much different than it was in 2014". Current subscribers will see the increase for renewals starting on June 16.

At the moment Amazon's Prime subscription costs $99 a year, which might sound expensive upfront, but considering all the features that members get access to, it doesn't seem so bad.

The company announced the change months after it also raised the monthly subscription fee for Amazon Prime from $10.99 a month to $12.99.

The Prime membership program has been an important cornerstone of Amazon's flagship retail business.

Beyond access to the Prime streaming service, Amazon Prime memberships provide free two-day shipping on many items as well as access to other perks. If all goes well, you'd be able to lock in one more year of Prime for the old $99 price.

For the first three months in 2018, Amazon posted $51 billion in revenue, a 43 percent jump from last year, and $1.6 billion in profit, more than double last year's number.

More news: Dow Jones falls almost 425 points; Caterpillar reports earnings plateau

Two major Wall Street brokerages were the first to value Amazon.com Inc in excess of US$1 trillion on Friday after another set of blockbuster quarterly results for the online shopping behemoth.

You can find out what exactly your Amazon Prime membership includes on Amazon's fact page. "Again, it's a testament to where the momentum is going and the momentum is moving toward Amazon's best interest".

Amazon shares, which ended regular trading up 4 percent at $1,517.96, surged more than 6 percent in after-hours trading Thursday. Its closing stock price was $1,517.96.

"AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down", said Amazon boss, Jeff Bezos. If Amazon was to inflate that by a similar amount, we could soon have to pay closer to £100 a year. Meanwhile, Bezos' annual 2017 compensation was $1,681,840.

India is regularly mentioned in Amazon's global announcements showing the Seattle-based internet giant's interest in the market.


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