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Amazon Prime increasing membership fee 20% to $119 in May for new members

Amazon is increasing its membership fee for its Prime subscription service by 20 percent starting next month, according to media reports.

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On an earnings conference call Thursday, the tech company’s chief financial officer, Brian Olsavsky, said the increase takes effect May 11, MarketWatch reported.

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“We're going to increase the price of our U.S. annual plan from $99 to $119 for new members," Olsavsky said.

Existing Prime members will have until June 16 to renew their membership for the year for $99.

Last week, CEO Jeff Bezos revealed that for the first time, Prime has some 100 million members.

Amazon announced in January that it would increase the $99 cost for monthly Prime subscriptions for the first time in about four years.

Prime members receive free two-day shipping on most merchandise orders, access to streaming services and additional benefits.