If you are an Amazon Prime member, I got some bad news for you! The tech giant is planning on increasing the cost of its annual Prime membership. Prime will go from $99 to $119 a year.

According to Theverge, Amazon CFO Brian Olsavsky said in a statement: “The value of Prime to customers has never been greater, And the cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs.”

Now this is the first time since 2014 that the annual fee has increased. Earlier this year the month-to-month subscriptions jumped up to 24% from $10.99 to $12.99-roughly $156 a year. The reason for the increase is due to fact that their earnings have more than doubled, sending stocks to record highs. This change doesn't affect existing members until June 16.


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