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Amazon Prime Membership is increasing to $119 per year
27 April 2018, 12:05 | Rodolfo Quinn
Your annual Amazon Prime membership fees are about to increase
The company is seeing increased enterprise migrations as customers succeed and try new services, with more workloads and databases moving to AWS, Brian Olsavsky, Amazon SVP & CFO, said on an earnings call Thursday.
Amazon is raising the price of Amazon Prime from $99 to $119 per year. The new price will apply to renewals of existing members starting on June 16.
Prime, Amazon's loyalty club that includes fast shipping, video streaming and other benefits, has been key to the jump in revenue.
It's pretty safe to say that Amazon Prime is a very popular service, what with over 100 million subscribers. The company reported a jump of 29% in its global business losses at $622 million for the quarter ending March 2018 compared to $481 million for the corresponding period past year.
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. It reports $724 million, or $1.48 per diluted share during Q1 of 2017, and this year, the company reports $1.6 billion for Q1, or $3.27 per diluted share. Analysts were expecting 85 cents per share on revenue of $25.8 billion.
The price increase is being made because "both the value of Prime and the cost to offer it have increased significantly", according to a statement from Amazon.
AWS generated 73% of Amazon's $1.93 billion overall operating income. The latter posted a 49% rise in sales compared to past year, to $5.44 billion.
The news came as Amazon released first-quarter 2018 earnings on Thursday. The question of how a retailer can compete against Amazon has become standard in the industry, but it could be based on the wrong premise, considering that there are few retailers with the sprawling (and growing) businesses in cloud services, entertainment, advertising and shipping that Amazon has. In the previous quarter, which included the busy holiday shopping season, it had a profit of more than $1.8 billion.
Earlier in the week, Amazon announced it would begin delivering packages straight to certain vehicles parked at homes, offices and other publicly accessible areas. In addition to offering delivery options to Whole Foods shoppers, the retail giant launched its Amazon Prime rewards program, offering shoppers at Whole Foods 5 percent back on their groceries.
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