Open up those pocketbooks 鈥 your annual Prime membership is about to see a hike. While customers who pay the yearly service fee聽escaped the company鈥檚聽January鈥檚 price increase (the first in four years) for聽monthly Prime membership, they鈥檒l soon see an increase in their own Prime costs.

According to an Amazon notice,聽the price of a yearly Prime membership will increase by $20, going from $99 to $119. New subscribers to the service will聽be billed at the higher rate as of May 11, with previous members being billed $119 for renewals come聽June 16.

Amazon Prime Student memberships will also be rising on those same dates,聽increasing from $49 to $59.

Monthly Prime members will continue to pay the recently raised price of $12.99 per month while monthly Prime Student members will continue to pay $6.49 per month.

The company addressed聽its decision to raise the yearly membership fee in its notice, writing, 鈥淪ince we increased the聽annual price of Prime聽four years ago both the value of Prime and the cost to offer it have increased significantly.鈥

While many threatened to cancel their services back in January, the site鈥檚聽popularity聽has continued to surge, with Amazon Amazon jumping 7 percent in shares are first-quarter earnings reports this past week.

In addition to free expedited shipping, Prime members are privy to聽to聽early book access and聽Prime Original聽TV and movie specials like The Tick, The Marvelous Mrs. Maisel, Jean-Claude Van Johnson, and The Last Tycoon.

Are you willing to pay the new higher price for your annual Amazon Prime membership? Let us know @BritandCo!

(Photos via Quinn Rooney + Justin Sullivan/Getty)聽