Amazon (AMZN.O) is increasing the annual Prime membership price to US$119 from US$99 in the U.S., CFO Brian Olsavsky said on the company’s earnings call with analysts. This would be the first time the price has been raised since March 2014. The new price will take effect May 11.

Amazon has made Prime more valuable by adding more features and expanding the inventory available for two-day delivery to more than 100 million items, compared to 20 million items in 2014, Olsavsky said.

“There are many features we’ve added to Prime,” he said. “It’s much different than it was in 2014 and this is a reflection of that.”

Amazon’s Prime price hike suggests that the e-commerce giant is confident in its value and potentially needs revenue to invest in another big initiative.

In January, Amazon raised the monthly rate by 18 per cent to US$12.99.

Earlier this month, CEO Jeff Bezos said in his annual shareholder letter that Amazon has exceeded 100 million paid Prime subscribers.