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It felt like just the other day that Amazon Prime jumped from $79 a year to $99. That price hike actually took place in 2014, so Amazon has seen it fit to raise prices again.

The $20 price hike to $119 was announced by the company during an earnings call (and spotted by CNN Money). The increase in yearly subscription costs comes a few months after the online retailer hiked the monthly subscription rate (from $10.99 to $12.99).

The Amazon Prime price increase will take effect from May 11 for new users, while those wanting to renew their existing subscriptions will get a price hike from June 16. In any event, the cost of a monthly subscription over a year is still more expensive than the new yearly price. But this is to be expected, as services frequently give discounts for longer subscription periods.

Is Amazon Prime worth it?

Wondering what all the fuss is about? Amazon Prime subscribers get access to music streaming, the Prime Video streaming service, Twitch Prime for gamers, two-day shipping, same-day delivery, unlimited photo storage, and access to a small digital library of books.

Editor's Pick

The Amazon Prime price increase also comes a week after CEO Jeff Bezos reported that Amazon Prime has crossed the 100 million member mark. Clearly, people are finding a lot to like about the product, but is it worth getting? Well, it really depends on a few factors, as we previously outlined.

I wouldn’t blame long-time subscribers for being annoyed though, having seen a $40 annual jump in yearly fees. That money for original Prime Video programming has to come from somewhere, I guess. Then again, if you only care for Prime Video (or if you live in a far-flung country), it’s slightly cheaper to grab the $8.99 a month option instead.

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