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Technology

Amazon is raising its monthly Prime membership rate

Amazon is raising its monthly Prime membership rates roughly 20 percent.

The premium membership that grants faster shipping and access to Amazon Video will now cost $12.99 per month, up from $10.99, according to the company’s membership page.

The company is also raising the discounted student monthly rate from $5.49 to $6.49 per month for new sign-ups.

The cost of a yearly membership, $99, will not change.

Recode first noticed the new price.

Amazon started the monthly pricing model less than two years ago as a more flexible way of taking advantage of Prime’s fast shipping and other benefits. Prime members spend considerably more on Amazon than non-Prime members.

Morgan Stanley said in a note published in December that Amazon Prime growth is plateauing in the U.S., showing the first signs of a slowdown. They based their conclusion on a survey of 1000 U.S. adults.

Shares rose a little over 1 percent in morning trading.

–Reuters contributed to this report.

This story is developing. Please check back for updates.

Source: Tech CNBC
Amazon is raising its monthly Prime membership rate

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