Hold on to your pocketbook: This morning, Amazon announced it’s going to raise its prices for Prime subscription for the first time in four years.
As of May 11, new subscribers will pay $119 a year for Prime service, which includes two-day shipping, access to TV shows and movies, music, storage and more. If you’re a current member, the annual fee will apply to renewing members starting June 16.
The price has already been raised for members who choose to be monthly — rather than yearly — subscribers, increasing from $10.99 a month to $12.99.
This comes after Amazon CEO Jeff Bezos shared that the company currently has over 100 million Prime members worldwide. The service last raised its prices in 2014, when the yearly subscription cost went from $79 to $99.
No word currently on how — or if — the price hike will affect Amazon’s discount Prime prices for students, who currently get a six-month trial and then pay $49 a year, or the recent launch of special prices for customers who receive government assistance, who currently pay $5.99 a month.
The service is reportedly expensive to fund, especially with the addition of benefits like two-hour shipping and one of the largest libraries of entertainment… though the company did make $1.9 billion in the last quarter of 2017 alone.
Amazon also recently announced an expansion of its Key delivery service and has begun delivering packages to the trunks of cars in 37 cities. This is in addition to a service that allows members to have packages delivered inside their front doors.
If you’ve been putting off a new Prime subscription of have let your membership lapse, be sure to sign up before the May date.