Amazon’s (AMZN) Prime service has been a huge draw for the retailer, and it looks as though it will soon announce a new subscription model to take on the likes of Netflix (NFLX) and Hulu+. Previously priced at $79 per year, Hacking Netflix reports that Amazon will be moving to a monthly subscription plan that allows customers to pay $7.99 each month for Amazon Prime service, which affords free two-day express shipping on all eligible items, free movie and TV show streaming from Amazon’s Prime library, free Kindle book borrowing and other perks. While paying $7.99 each month ups the annual cost of Prime service to $95.88, customers who pay for 12 months of service up front will reportedly receive a 20% discount, dropping the annual cost to $76.70 — less than a year of Prime service at the old yearly rate. The monthly subscription option had been removed from Amazon’s website at the time of this writing.