Amazon’s Prime subscription service grew rapidly in the latest quarter as the company added more streamed content and free shipping for more items sold through its marketplace.
On Thursday, Amazon said that first quarter revenue from Amazon Prime rose 49% to $1.9 billion compared to the same period a year earlier.
Amazon Prime (“amzn”) has become an important pillar in Amazon’s e-commerce and streaming businesses. For $99 annually, Amazon Prime members can stream digital movies, TV shows, podcasts, and Amazon’s original productions in addition to getting free two-day shipping and one-hour delivery on certain orders. Prime is used by the company to encourage loyalty with shoppers who want to access faster shipping on items like toilet paper or coffee or toys.
Amazon only recently started to provide details about the revenue it collects from Prime subscriptions. Amazon’s chief financial officer Brian Olsavsky…