Amazon is going to raise the cost of its yearly membership for its Prime service, which gives consumers discounts on overnight shipping, free two-day shipping on select items, and access to its streaming video on demand services via various devices including iOS, Android, Roku, Xbox One, Xbox 360, PS3, PS4, etc.
According to an MCV report, Amazon will raise its annual membership fee to somewhere between $99 and $119 - up dramatically from its current price of $79. During the holiday shopping season the company saw a million new customers sign up for the service.
Still Amazon says that an increase in shipping costs due to more expensive fuel costs is the primary reason for raising the price of the membership.
The company has not indicated when it would raise prices...
We will have more on this story as it develops.