Amazon, the giant tech company, is increasing prices for its Prime Video streaming platform in European countries.
Amazon revealed its annual Prime cost will jump 20 percent in the UK from £79 ($94.78) to £95 ($113.97) from September 15th, in an email that was sent to customers.
Here are all the European countries that will be affected by the increase:
- UK – £79 ($94.78) to £95 ($113.97), a 20 percent increase
- France – €49 ($58.86) to €69.90 ($83.98) , a 43 percent increase
- Germany – €69 ($82.90) to €89.90 ($107.98) , a 30 percent increase
- Italy – €36 ($43.23) to €49.90 (59.91) , a 39 percent increase
- Spain – €36 ($43.23) to €49.90 ($59.91), a 39 percent increase
According to The Verge, this will be Amazon’s first price increase in the UK since 2014. This instant increase, reports say, is highly like due to inflation and operating costs.
“We will keep working to ensure Prime offers exceptional value for members,” it said, according to Reuters.
In April, Amazon posted its first quarterly loss in seven years from headwinds including higher wages, rising gas costs and an unrealized loss from its stake in Rivian Automotive Inc, Reuters reports.
Amazon follows suit as other giant streaming platforms recently increased their prices. Netflix increased its prices by $1.20 and $2.40 for premium subscribers, which saw the company lose over a million subscribers during the second quarter. On the other hand, Disney+ increased its prices by $2.40.
Amazon has reportedly also raised prices for merchants selling on its platform, too.
By Zintle Nkohla
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