The new price hikes have likely been instituted to nudge monthly Prime members into becoming annual members.
Amazon kept monthly subscription fee for its standalone Prime Video membership, which gives members access to original content premium movies and TV shows, unchanged at $8.99.
Only Prime has the added dimension of offering subscribers discounts and other benefits from its shopping platform, which help the company lure more buyers. (Amazon also offers a $5.99 a month plan to USA residents receiving government assistance.) After Amazon introduced the monthly payment option, Prime subscriptions reportedly grew fastest among households earning less than $50,000 a year, according to a study from investment firm R.W. Baird.
According to "Cowen analyst John Blackledge", Prime's subscriber base has 60 million USA members, with about 54 percent of US households paying for the service.
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Amazon is hiking up the price of monthly Prime memberships from $10.99 to $12.99.
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The firm charges £7.99 a month or £79 a year for Prime membership in the United Kingdom, which has been the longstanding tariff. In October, Consumer Intelligence Research Partners issued a press release saying Amazon had 90 million Prime subscribers, which it based on a survey of 500 Amazon users.
If you're someone who has been paying per month, and you've been using Amazon Prime services consistently for more than a year, then you may want to consider upgrading to the annual plan to save a little cash.
Amazon did not offer details regarding their reasoning behind this change but it's probably fair to assume the company is attempting to push more customers towards their annual subscription instead.
Amazon's Prime program for students is increasing from $5.49 to $6.49. At $11 per month, the monthly price amounted to $132 per year, but with the price increase, the price of the monthly plan grows significantly to $156-making it $57 more expensive than the annual plan.
The fee kicks in today for new members.
By paying once, you get the same benefits of the pay-as-you-go option, but for nearly $57 less annually than you would by shelling out $12.99 a month. "At this day and age, two-day shipping is table stakes, so we don't think we should charge membership for it", Walmart U.S. e-commerce chief and Jet founder Marc Lore said at the time.
In September of previous year there were around 90 million prime subscribers in the US, according to Statista research.