Amazon CEO Jeff Bezos said the e-commerce giant has exceeded 100 million paid Prime subscribers and will continue to invest to meet "ever-rising" customer expectations.
Bezos noted the milestone in his annual shareholder letter, published Wednesday. The letter is the founder's opportunity to underline his long-term strategy for investors, seeking to bolster their confidence as he continues to plow Amazon's money into expanding internationally, building a brick-and-mortar presence and introducing new products such as Echo speakers and the Alexa voice-activated digital assistant.
Prime subscribers pay monthly or annual fees in exchange for quick delivery of online orders, music and video streaming and free online photo storage. The memberships encourage consumers to shop more with Amazon to get their money's worth, similar to warehouse clubs like Costco. Amazon took its memberships a step further with additional digital perks, and sells add-ons including a more robust music catalog for an additional monthly fee.