Amazon.com raising price of Prime service to $119 in the U.S.

Amazon Prime is about to get a little bit more expensive.

Starting May 11th, Amazon will raise the annual rate for its Prime service from $99 to $119 in the United States. On top of the commonly touted free 2-day shipping for every order supported on the world's third largest retailer, the service also offers video streaming, a music library of over 2 million songs, a catalog of over a thousand books, free unlimited photo storage for members and five other people that members select.

This announcement comes just a week following Amazon CEO Jeff Bezos' announcement that there are now over 100 million members of Amazon Prime worldwide. Existing Prime members will see this price increase starting on June 16th.