Amazon Prime increasing membership fee 20% to $119 in May for new members

Amazon is increasing its membership fee for its Prime subscription service by 20 percent starting next month, according to media reports.

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On an earnings conference call Thursday, the tech company’s chief financial officer, Brian Olsavsky, said the increase takes effect May 11, MarketWatch reported.

“We're going to increase the price of our U.S. annual plan from $99 to $119 for new members," Olsavsky said.

Existing Prime members will have until June 16 to renew their membership for the year for $99.

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Last week, CEO Jeff Bezos revealed that for the first time, Prime has some 100 million members.

Amazon announced in January that it would increase the $99 cost for monthly Prime subscriptions for the first time in about four years. 

>> Related: Amazon raises monthly Prime membership rate

Prime members receive free two-day shipping on most merchandise orders, access to streaming services and additional benefits.

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