“Amazon will increase the annual cost of Prime for U.S. customers to $119 per year, up 20% from $99 currently — news coming after it blew the doors off revenue and profit expectations in the first quarter,” Todd Spangler reports for Variety.

“The price increase will take effect starting June 16 for existing Prime customers based on their renewal period, CFO Brian Olsavsky said on Amazon’s first-quarter 2018 earnings call,” Spangler reports. “New members will pay the $119 price starting May 11. The company last raised the price of Prime in the U.S. in March 2014.”

“Asked on the call why Amazon was raising rates now, Olsavsky cited rising costs because of higher shipping expenses and spending on digital content,” Spangler reports. “Four years ago, Prime offered free two-day shipping on 20 million products in the U.S., Olsavsky noted. Today Amazon offers more than 100 million products in Prime available within two days, and many are available even faster than that — with same-day or two-hour delivery.”

Read more in the full article here.

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