Amazon will increase the price of its annual Prime plan effective in May

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Amazon CEO Jeff Bezos has not dared to crack the South Korean market, where Coupang is the fastest-growing and best financed e-commerce site of all time.

Amazon is increasing the price of its Prime membership from $99 to $119 starting later this year.

The company just announced the price increase on its first quarter earnings call.

Here’s what Amazon’s chief financial officer Brian Olsavsky said on the call:

“The value of Prime to customers has never been greater. And the cost is also high, as we pointed out especially with shipping options and digital benefits, we continue to see rises in costs. So effective May 11, we’re going to increase the price of our U.S. annual plan from $99 to $119 for new members. The new price will apply to renewals starting on June 16. Prime provides a unique combination of benefits, and we continue to invest in making this Prime program even more valuable for our members. As a reminder, we haven’t increased the U.S. annual price Prime since our single increase, which was in March of 2014.”

This story is developing. Please check back for updates.