The price of Amazon Prime’s membership is going up.
The online retailer announced the annual Amazon Prime membership fee for new members will increase $20 from its current $99 to $119 starting May 11. It will apply to renewals for existing Prime members on June 16.
The company says increased benefits to customers is the reason behind the increase.
Amazon hasn’t raised the annual fee since 2014, but it did raise the rate for customers who pay monthly from $10.99 to $12.99 earlier this year.
In a recent letter to shareholders, Amazon CEO Jeff Bezos revealed the company has more than 100 million Prime members worldwide.