But while the price hike seems steep, the program has a lot of goodies added since the last price increase in March 2014.
A big one is Amazon's Prime Day discount day, a mid-summer sale that offers deals every 10 minutes and draws tens of millions of shoppers each year.
Benefits of the program, which started in 2005 and now has 100 million members, fall into 5 basic categories: shipping, shopping, streaming, reading, and various extras. They're all listed here and here and here for U.S. customers.
Over 100 million items were eligible for Prime two-day shipping in the U.S. by the end of last year.
While Amazon is known for its online presence, it also has physical locations like bookstores (which offer discounts to Prime members) and 2,000 lockers in more than 50 cities. Here are some other product-specific perks of Prime:
Amazon started selling music and movies in 1999 and 2000, respectively, and launched its MP3 store in 2008, a year after Prime. But streaming has become a much bigger part of Amazon's business model since Amazon Prime Video was launched in 2011.
Here's what Prime members get:
It's easy to forget that Amazon started as a bookstore — and that Amazon CEO Jeff Bezos owns the Washington Post as a personal asset. But being a Prime member offers reading benefits too, especially if you own a Kindle e-reader device, which allows you to create a lending library. Amazon's sales of Kindle books surpassed physical copies in May 2011.
Amazon Prime membership also offers you some random access or discounts to various services. There are also versions of Amazon Prime, like special deals for students or families, that don't include every benefit.
Lastly, Amazon sometimes tries out new services on Prime members first. For instance, Amazon Prime Wardrobe, which lets you try on items before purchasing them online, is available by invitation to Prime members right now.
— CNBC's Jillian D'Onfro contributed to this report.