Amazon raises price of Prime membership to $99

Amazon raises price of Prime membership to $99

Credit: AFP/Getty Images

A picture shows an Ipad with an "Amazon" logo on November 13, 2012 in Paris. French tax authorities have demanded $252 million in back taxes and interest from online retailer Amazon, according to a company document on November 13, 2012.AFP PHOTO / LIONEL BONAVENTURE (Photo credit should read LIONEL BONAVENTURE/AFP/Getty Images)

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by Brett Molina, USA TODAY

NWCN.com

Posted on March 13, 2014 at 6:33 AM

That Amazon Prime membership is going to get more expensive.

The online retail giant revealed it is raising the price of an annual subscription to Prime from $79 to $99. The price for the student version of Prime will also rise to $49.

Amazon Prime is an annual subscription service that offers free two-day shipping on select items, access to a host of free videos through the streaming service Amazon Instant Video and access to the Kindle Owners' Lending Library used to borrow books.

Shares of Amazon are up more than 2% in pre-market trading following news of the price increase.

The price increase was first reported by Cnet.

Amazon first hinted at a price increase for Prime in January during its fourth-quarter earnings call, when the company also revealed its shipping costs surged 19% to $1.21 billion.

Follow Brett Molina on Twitter: @bam923.

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