Monday, August 8, 2022

Amazon Prime price hit by sharp rise

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Amazon Prime customers across Europe are being hit by a huge price hike.

The shopping giant has informed customers that prices will rise by up to 43 percent.

In the UK, the annual cost will increase from £79 to £95, an increase of 20 per cent. A monthly subscription costs between £7.99 and £8.99.

In other European countries, the price will increase even more. France, for example, will increase by 43 percent from EUR 49 to EUR 69.90.

Much of the rest of Europe will see somewhere between the two climbs. In Italy and Spain, prices will each increase by 39 percent from €36 to €49.90.

For new customers, the new prices will apply from September 15th. Existing customers will see the new prices starting at the next renewal after that date.

Amazon’s email to customers did not contain any information as to why the price had increased. It only detailed how much prices would increase, pledged to “remain focused on making Prime even more valuable to members” and noted the benefits that membership brings.

However, Amazon said in a statement that “increased inflation and operating costs” were to blame for the problems, while also citing faster delivery and larger amounts of content. “We will continue to work to ensure that Prime offers its members exceptional value,” it said.

Amazon has pumped billions of pounds into its streaming content in recent years, with original series like The Boys and The Terminal List.

In September, the Prime Video platform will release The Lord of the Rings: The Rings of Power series, which costs an estimated £750 million in rights and filming costs.

The company is also investing millions in sports rights after securing the rights earlier this month to show some Champions League games from 2024, expanding its rights to 20 Premier League games per season.

The Prime price hike is the first since 2014.

It comes months after Netflix increased its basic and standard plans by £1 a month, while its premium plan saw a £2 increase just 18 months after a previous increase.

UK households have canceled their streaming subscriptions until 2022 as the rising cost of living continues to hit.

Additional reporting by agencies

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