It's sad, but it's true: While there is no official press release as of yet, Amazon announced today in a shareholder meeting that it will raise the price of Amazon Prime by $20 per year. You'll now need to pay $119 annually to enjoy benefits like free 2-day shipping, Prime Music, and Prime Day access. This comes after Amazon raised the cost of monthly Prime memberships in January of this year. It also follows an announcement about Amazon Prime surpassing 100 million members.

The new cost changes will go into effect on May 11th, and it'll apply to Prime membership renewals starting on June 16th. Between changes to Amazon Key, the new Amazon Kids devices, Twitch Prime becoming a thing, and Prime Day coming up just around the corner, clearly the retailer has had a lot going on over the past few months. Usually when Amazon makes moves like this, other stores try to compete, so maybe we'll see Walmart try to capitalize on what will surely be a few angry Amazon customers.

So what do you do in the meantime? For one, lock in your $99 Amazon Prime membership now before the price goes up. If you haven't tried Amazon Prime yet, we highly recommend it, and you can score a free 30-day trial here. Then make sure to follow us on Twitter to stay up-to-date on any more developments.

What do you think? Are you okay with paying more for your Prime benefits, or are you getting tired of the fees creeping up? Let us know in the comments below, or tweet us and tell us your thoughts.