Amazon hikes prices of music streaming service for Prime members

Amazon is increasing the price of its music streaming service globally and Prime subscribers of the service will have to pay more from May 5.

The Amazon Music single-device plan will cost $4.99 per month from $3.99 and unlimited individual plan will change from $7.99 to $8.99 per month, or from $79 to $89 per year, the company announced.

If you're not a Prime member, the price of Amazon Music Unlimited is unchanged at $9.99.

"You will begin seeing the new price plus applicable taxes on your first bill after that date (May 5)," said the company.

Amazon Prime members will continue to pay a reduced price for the Amazon Music Unlimited Individual Plan.

Those who are on the promotion period will continue to receive the discounted rate for the remainder of their promotion period.

Once that period ends, the original subscription price plus applicable taxes for one billing cycle will come into place.

According to Midia Research, Amazon Music and Tencent Music are tied at third place with 13 per cent market share globally, behind Spotify with a market share of 31 per cent and Apple Music at 15 per cent.

Amazon's regular Prime Music subscription offers just two million songs compared to 90 million with unlimited plan.

The price increase came after the company increased its Prime subscription prices for the first time in four years -- from $119 to $139 annually or $12.99 to $14.99 monthly.