Business News Today – Amazon increases Prime membership in US by $20

Online retailing giant Amazon has increased the subscription rate of its Prime membership for US subscribers by $20 to add a windfall to the revenue made through its subscription services.

With the $20 hike, Amazon Prime membership for US subscribers will now move up from the existing yearly fee of $99 to $119 this spring.

Prime, which is Amazon’s loyalty club features shipping services and also video streaming on the internet, is considered to be a key part of the ecommerce giant’s strategy.

Currently, Amazon Prime has over 100 million members across the globe who spend above average.

The world’s largest online retailer on Thursday released earnings and a forecast that were well beyond Wall Street targets. The Amazon results also demonstrated how the online retailer grew itself successfully beyond its original business of shipping packages into businesses like cloud and video streaming services.