Amazon Prime jacks up subscriptions by 40 per cent
Monthly subscriptions will increase from $6.99 to $9.99 next month.
Amazon Prime will hike its subscription fees by as much as 40 per cent next month for Aussie customers.
The streaming giant will increase its monthly subscription from $6.99 to $9.99 - an increase of about 43 per cent. Its annual subscription will go from $59 to $79 - an increase of about 34 per cent.
The new prices will come into effect from May 24 for new sign-ups, while existing customers will see the new prices from June 28.
Also read: Netflix, Disney, Amazon Prime: The big changes coming to streaming services
This is the first price increase since Amazon launched Prime in Australia in 2018. Amazon said the increase would help the service continue to grow its offering.
Amazon Prime only has one subscription tier, which gives customers access to movies and TV shows including Amazon Originals such as The Boys, The Marvelous Mrs Maisel and Jack Ryan. Subscribers can also get benefits like free expedited shipping on selected products, exclusive discounts and early access to deals.
“Prime members love the combination of shopping, savings and entertainment in one membership that Prime provides them, and we are committed to continue investing in and growing the value of Prime,” Amazon Australia head of Prime Marcos Regalo said in a statement.
“Since launching in 2018, we’ve added more product selection available with fast, free, Prime delivery; launched Prime exclusive deals and discounts; and added more high-quality digital entertainment, including TV, movies, music, and books.”
How do the new prices stack up?
Despite the steep increase, Amazon Prime is still competitively priced compared to its rival streaming services.
A Netflix subscription with no ads starts from $16.99 per month, while Stan subscriptions start from $10 a month. A Binge subscription with no ads starts from $16 per month, while a Disney Plus subscription is $13.99 per month.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.