Amazon Prime is set to increase its price for new and current subscribers

Amazon has had plenty to show off this Thursday with new teaser posters for their highly anticipated Lord of the Rings series, but it hasn’t all been good news; Amazon has also announced that it will be increasing its prices for Prime members in the United States.

Both yearly and monthly memberships will see an increase of around 17 percent, taking the prices of annual memberships from $119 to $139 and monthly from $12.99 to $14.99.

This change will go in place for new members first, starting on Feb. 18. Those who are already Amazon Prime members will have another month or so to take advantage of the current price before the rate increases for them also on March 25.

Amazon says that the rise in price is necessary for the expansion of “Prime member benefits” and increases to “wages and transportation costs.”

Today’s announced price rise is the first for Amazon’s subscription service since April 2018. Recently, other services have also raised their prices, including Netflix and Hulu, and now Amazon has followed the trend.

For those who are looking to keep their subscription at the current rate, there is an option. According to some users, you can purchase yourself a year-long “Gift of Prime” membership for $119. Cancel your recurring membership and activate the gift when your current subscription comes to an end. This isn’t a permanent fix, but it’s something to look into.

If you plan on catching Lord of the Rings: Rings of Power when it drops later this year, you’re going to need a subscription which may cost you slightly more after this change kicks in.