According to Amazon CFO Brian Olsavsky, the company will increase the cost of Prime membership in the US from $99 a year to $119 a year. The 20% price increases will take into effect on May 11th. Existing Prime members will see the new annual fee applied to their renewals starting June 16th. Prime is an Amazon service that combines free two-day and one-day shipping along with a Prime Video subscription as well as other perks like Whole Foods discounts and DVD exclusives. "The value of Prime to customers has never been greater," said Olsavsky. But, he says, it's also expensive. "The cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs."