The cost of Amazon Prime increased by £1 per month

Beginning in September, yearly membership will cost £95 instead of £79, and monthly memberships will increase from £1 to £8.99.

Amazon said that the price increase—its first for the UK since 2014—was partially a result of the country’s 40-year high inflation rate.

Despite indications that customers are starting to reduce their use of streaming services, other providers like Netflix have also raised their monthly fees.

Amazon Prime does provide more than simply a streaming service, though. Additionally, Prime provides limitless merchandise delivery.

Changing to an annual plan or cancelling your membership are other options, according to Amazon, which stated that the new pricing will take effect in September or at the customer’s next membership renewal date.

The decision was made at the time when several people are trying to reduce their expenditure since the cost of products is increasing at the quickest rate in 40 years.

After Amazon raised the costs for Prime in u US In February, retail expert Natalie Berg, who has published a book on how Amazon will influence the future of buying, said the price increase for Prime was “not really a surprise.”

The BBC quoted her as saying, “It is a very brave decision to boost fees right in the heart of the biggest cost-of-living crises in a decade, but they [the firm] realise that Amazon is crucial to many buyers.”

“So many people would accept the increase since Amazon is so ingrained in our everyday lives.”

An earlier poll conducted by the BBC indicated that consumers were reducing their consumption of food and driving to save money as a result of skyrocketing electricity costs and petrol costs. And over half (56%) of the 4,011 adults surveyed reported making fewer grocery purchases and skipping meals.

According to recent study, the growing cost of living may be the reason why more individuals are cancelling their memberships to video streaming services like Netflix, Disney+, and Amazon Prime.

According to market research company Kantar, 1.66 million subscriptions were cancelled in the 2nd period of 2022, with people under 24 being the most likely to do so.

More than one third of cancellation were ascribed to cost-cutting, with “wanting to save money” listed as the main justification.

How to save money on Subscription ?

Even if it’s only an additional pound a month, there are several ways to reduce the increase as everyone is currently trying to restrict their expenditures.

Since most customers subscribe to Amazon Prime on a monthly basis, the price increase will go effective in mid-September. However, if you have the money on hand, you may save money by prepaying for a complete year’s membership before that time. You will save around £30 by doing that, which will lock you into the cheaper pricing until 2023.

Even if you don’t think you’re a member of Prime, it’s a good idea to double-check because it’s simple to accidentally click “join” while making purchases and become one without even realising it.

Examine your subscriptions carefully. After facing a great deal of pressure, Amazon has made it simpler to identify and use the cancelling procedure for your monthly Prime subscription. They need to give you a refund even if you had just made a payment for that month. You could very well be able to obtain one month for free when ve got, which will save you the £8.99, if you chose to sign up later.

Consider alternating your TV subscriptions if you have a variety of them. Switch them then you’re only spending for it at a time. Perhaps your Christmas addiction is with one provider while your summer fling is with another.

Instead of paying for each service year-round, binge-watch for a while, then cancel your subscription and move to a different provider.

Due to intense competition, users may now find competitive prices and offers in the streaming market.

But in 2021 and 2022, Netflix raised the cost of its plans. It recently disclosed that somewhere between April – June, it had lost nearly a million customers, and now it has experienced a two-quarter losing streak.

However, Ms. Berg noted that because the brand’s primary feature is free shipping for purchases, Amazon Prime cannot be compared directly to Netflix as well as other streaming services.

Because the shopping component, she claimed, “Amazon has a lot more stickiness.”

According to Amazon, it has recently invested billions and billions in streaming programming, including original shows like The Terminal List and Clarkson’s Farm.

After winning the bid to broadcast Champions League football games on Tuesday nights starting in 2024, it has also expanded into sports broadcasting.

The full round matches all over Boxing Day every year is already included in Amazon’s unique access to 20 Premier League matches each season. Additionally, it has an exclusive five-year broadcasting agreement with the UK for the US Open tennis competition.

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