The price increases for Amazon.com, Inc. AMZN core members went into effect on Friday.

What happened: Existing prime customers as well as new prime customers will now have to pay $14.99 instead of $12.99 for their monthly subscription. For the annual subscription, customers need to pay $139 instead of $119.

The company previously increased the price of Prime in 2018, when the cost of membership dropped from $99 to $119. And in 2014, it increased the subscription fee to $99 from $79.

Amazon Prime offers members free two-day shipping, plus access to exclusive movies and TV shows.

Prime has over 200 million members in 2021 and is one of the biggest growth drivers for Amazon’s core business.

Also Read: If You Invested $1,000 In Amazon Stock When Amazon Prime Launched, Here’s How Much You Would Have Now

Why is this important: The company is investing heavily in the Prime segment. More items are added with exclusive offers and discounts, and more entertainment options are coming.

In February, Amazon reported fourth-quarter net revenue of $137.4 billion, up 9% year-over-year. The sales figure is below the consensus estimate of $137.6 billion, according to Benzinga Pro.

The company reported fourth-quarter earnings of $27.75 per share. It recorded net sales of $469.8 billion, up 22% year-over-year. Annual earnings per share were $64.83.

Price Action: Shares of Amazon closed at $3,295.47 on Friday, up 0.69%.

Also read: Could Disney+ enter the live-streaming market?

Photo: Various photos on flickr