Amazon is raising the price of Prime to $119

SEATTLE — 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 the company has added “digital benefits,” such as Prime Video.

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