Amazon, the world's leading e-commerce emporium led by the world's richest man, is raising monthly prices for Prime members by almost 20%, the company announced in an email to customers on Friday.
The price hike will see the monthly price of Prime membership climb to $12.99 from $10.99. The jump won't affect the company's annual fee of $99, if customers chose to pay the subscription at one time.
Amazon's expansionary vision, which has seen it cannibalize multiple industries while its stock surged 6.6% last year, has rendered its CEO Jeff Bezos the richest man on the planet. But its transformation from online book peddler to world-beating conglomerate has been expensive, apparently.
As Recode points out, the mind-boggling quantity of goods available to Prime members made its previous $10.99 subscription fee unsustainable.
On Friday, the company wrote in a statement:
"Prime provides a unique combination of shipping, shopping, and entertainment benefits, and we continue to invest in making Prime even more valuable for our members. The number of items eligible for free two-day shipping increased in recent years from 20 million to more than 100 million items. We have expanded Prime Free Same-Day and Prime Free One-Day delivery to more than 8,000 cities and towns... Members also enjoy a growing list of unique benefits like Prime Music, Prime Reading, exclusive products, and much more."
The prices are also climbing for college students, who will pay $6.49 per month, up from $5.49.
Now we can all pay a little more every month to welcome Amazon delivery people into our homes while we're not there.