Amazon Prime Price Increases Are Coming Very Soon and People Are Mad at Billionaire Jeff Bezos
Amazon is coming after your wallet with Amazon Prime price increases in the next few weeks.
On Thursday (Feb. 3), the company announced they will be increasing the prices for Prime memberships in the U.S.
The corporation noted the forthcoming 17 percent price increase is the result of "continued expansion of Prime member benefits as well as the rise in wages and transportation costs."
Amazon also plans to expand free two-day shipping and invest heavily in Prime Video content.
"Amazon has added more product selection available with fast, free, unlimited Prime shipping; more exclusive deals and discounts; and more high-quality digital entertainment, including TV, movies, music, and books," the company wrote in a press release.
In its earnings report, Amazon revealed the company made a jaw-dropping $14.3 billion in profit during the fourth quarter of 2021 — nearly doubly its earnings from the year prior — and now has more than 200 million subscribers.
How Much Is the Price of Amazon Prime Increasing?
Beginning Feb. 18 for new members and March 25 for existing members, annual Amazon Prime costs will jump from $119 to $139.
The monthly price will increase from $12.99 to $14.99.
Even students will be affected as the Prime Student membership price is also reportedly increasing from $59 to $69 annually. This is the first price increase for the service since 2018.
As with most price increases, the news has not been well-received, with Amazon Prime members flocking to social media to share their displeasure.
"@JeffBezos has to pay for his #superyacht expenses somehow…. And we know w/ his #billionaire lifestyle, he doesn’t pay taxes, so he’s just going to demand more money from you/the consumer," someone wrote, referencing the Dutch bridge that will soon be dismantled so Bezos can bring his yacht through.
Another weighed in: "Damnnnn…. Bezos is already the richest man in the world! He wants more cash still."
"The company is worth more than many countries and Bezos makes like more money each hour than most people ever will…but sure keep charging more," another scoffed.
"Everyone, and I'm saying this very plainly EVERYONE, needs to cancel their prime now," one user tweeted. "Amazon generated so much money off the pandemic alone, Jeff is taking regular rocket trips into space, there is literally ZERO excuse to justify a membership cost increase."