Bad news, Amazon customers: the cost of Amazon Prime goes up next week. After batting around the idea of increasing the annual cost of its Prime subscription service by as much as $40, Amazon finally settled on a slightly lower figure. As of next week, Amazon Prime will cost $99 per year instead of $79, CNBC reported.

The company is encouraging customers to sign up for Prime within the next seven days in order to lock in their first year of service at the current $79 rate.

Amazon Prime allows subscribers to access a library of streaming TV shows and movies, and it also affords free 2-day shipping on applicable orders. For current Prime subscribers, it looks like the existing rate of $79 per year will not be grandfathered, and Prime subscriptions will jump to the new $99 rate when it comes time to renew them.

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.