You'll soon be paying more for monthly Amazon Prime

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If you're on the monthly plan and wind up sticking with Prime for a year, you'll pay nearly $156.

The price per month for an Amazon Prime membership for new subscribers will increase from $10.99 to $12.99. Annual memberships for students will stay at $49.

The online retail giant is likely trying to push users to its annual Prime plan, which has always been a better deal for those planning to stick with the service for a while. Students are also seeing a hike, from $5.50 a month to $6.50 a month.

The price rise comes as Amazon are stepping up their efforts in producing their own original content for Prime Video. The most recent Prime subscription hike came in 2014 when the yearly membership went from $79 to $99.

If you subscribe to Amazon Prime on a monthly basis, get ready to pay more for the convenience of two-day delivery and watching programs like the new sci-fi anthology series "Electric Dreams". As is also par for the course with those other options, that monthly option works out to be a bit more expensive than paying the annual cost. Amazon shares are up 1% in Friday trading and up 60% for the past 12 months.

Amazon said it has invested in making Prime more valuable to its members, making more items eligible for Prime shipping and increasing the video offerings. The new rates will kick in starting February 18, 2018.

The cost builds come as Morgan Stanley sees signs that Amazon Prime's development is beginning to moderate. "Members also enjoy a growing list of unique benefits like Prime Music, Prime Reading, exclusive products and much more".

Hulu, the number three streaming video provider in the United States, costs $7.99 a month, with an ad-free option at $11.99.