Amazon Prime costs $20 more beginning Friday

Two weeks ago, Amazon revealed it is raising the Amazon Prime price for U.S. annual subscribers from $99 to $119. Amazon is rolling out the new fee Friday for new customers, and June 16 for current members.

Amazon Prime will now cost consumers an extra $20 for a membership.

Although the price hike is not ideal for current and new users, Amazon is promising more perks for Amazon Prime down the line. "We continue to increase the value of Prime, including speed, selection and digital entertainment options," Amazon CFO, Brian Olsavsky said.

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