Amazon is raising the price of Prime to $119

The previous cost for Prime membership was $99 per year.

Posted: Apr 26, 2018 5:36 PM
Updated: Apr 26, 2018 8:14 PM

(CNN) -- Amazon is raising the price of Amazon Prime from $99 to $119 per year.

The company announced the price hike for its membership program during a call with investors Thursday. The change will go into effect May 11, and it will apply to Prime renewals beginning June 16.

"We continue to increase the value of Prime," Amazon CFO Brian Olsavsky said on the call, adding that the company has added "digital benefits," like Prime Video.

He noted that the company is seeing "rises in cost" for providing Prime services, which include shipping perks and video streaming.

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