Business

Amazon raises Prime subscription price

For UK users, Amazon will increase the cost of its Prime program.

Monthly fees will increase from £1 to £8.99 in September, and annual dues will rise from £79 to £95.

The price increase, which was the first by Amazon in the UK since 2014, was attributed to “rising inflation and operating costs.”

Due to rising costs, other providers like Netflix have also raised their subscription rates.

Unlimited goods delivery and streaming entertainment are also features of prime services.

Changing to an annual plan or canceling your membership are other options, according to Amazon, which stated that the new pricing would take effect in September or at the customer’s next membership renewal date.

As consumer prices are rising at the fastest rate in 40 years, many people are attempting to reduce spending and save money at this time.

According to recent study, the rising cost of living may be the reason why more individuals are canceling their memberships to video streaming services like Netflix, Disney+, and Amazon Prime.

According to market research company Kantar, 1.66 million services were canceled in the second quarter of 2022, with people under 24 being the most likely to do so.

More than a third of cancellations were ascribed to cost-cutting, with “wanting to save money” listed as the main justification.

Due to intense competition, users may now find competitive prices and offers in the streaming market.

But in 2021 and 2022, Netflix raised the cost of its plans. It recently disclosed that between April and July, it had lost nearly a million customers, and it has now experienced a two-quarter losing streak.

According to Amazon, it has recently spent billions of pounds on original programming, including The Terminal List and Clarkson’s Farm.

Following a successful bid for the license to broadcast Champions League football games on Tuesday nights starting in 2024, it has also entered the sports broadcasting industry.

Twenty Premier League games each season, including the whole round of games played on and around Boxing Day every year, are already exclusively available on Amazon. Additionally, it has a five-year agreement to broadcast the US Open tennis competition exclusively in the UK.

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