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Amazon will raise its annual prime fee from $99 to $119 beginning May 11. "There’s all kinds of new features that we’ve continually added to the Prime program," Brian Olsavsky, Amazon's chief financial officer, told investors on Thursday. "It's much different than it was in 2014. This is a reflection of that--a better reflection of the cost value of the program." New Prime subscribers will pay $119 a year for the membership program, a $20 increase from $99, beginning May 11. Meanwhile, the new annual fee will apply to membership renewals starting on June 16.