Amazon Prime will start costing you $119 per year

File photo: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. (REUTERS/Mike Segar)

Amazon Prime is soon going to cost you an extra $20.

On Thursday, Amazon revealed that the program's price for US annual subscribers was going up from $99 to $119. The company will roll out the new fee on May 11 for new customers, and June 16for existing members.

Why the price hike? During an investor's call, Amazon CFO Brian Olsavsky said the paid subscription service was costing the company more to run.

With Amazon Prime, customers not only get access to free two-day shipping, but can also qualify for same-day delivery, or even 2-hour delivery on certain orders. They'll also receive access to Amazon's video and music streaming services.

"The value of Prime to customers has never been greater, and the cost is also high," Olsavsky said.

The company announced the change months after it also raised the monthly subscription fee for Amazon Prime from $10.99 a month to $12.99.

The last time the company bumped up the annual subscription fee for Prime was back in 2014, when it went up from $79 to $99.

Although the price hike will probably annoy customers, the company is promising more perks to Amazon Prime down the line. "We continue to increase the value of Prime, including speed, selection and digital entertainment options, Olsavsky said in the call, without elaborating.

The paid subscription service has grown quite popular during its 13-year existence. Last week, Amazon revealed over 100 million customers were now paying for it. The company has been trying to fuel Prime's future growth by rolling it out to new countries such as Mexico, Singapore, and the Netherlands.

This article originally appeared on PCMag.com.