Amazon Prime subscription price is to rise by £1 in the United Kingdom

Due to high operating costs, Amazon is to raise the price by £1 for its Prime service for customers in the United Kingdom.

From September, Amazon's annual membership will rise from £79 to £95, and monthly subscriptions will go up £1 to £8.99. According to Amazon, the rise in the price is the first in the United Kingdom since 2014. It was mainly due to inflation which is at 40 years high. Amazon announced that the new pricing would start from September or at the customer's next membership renewal date. The streaming giant also added options of switching to an annual plan or canceling membership.

Despite the signs that people are beginning to cut streaming services, other services like Netflix have also increased subscription prices. However, along will streaming services Amazon Prime also offer unlimited product deliveries.

Recently, researchers have suggested that many people are canceling video streaming subscriptions, to Netflix, Amazon Prime, and, Disney+, due to the rising cost of living. According to the market research firm Kantar, in the second quarter of 2022, subscriptions of 1.66 million dropped in total. Mostly people under 24 are likely to cancel the subscriptions. More than one-third of the subscription canceling population attributed cost-cutting as the primary reason for saving money.