Amazon's Bezos Reveals Prime Service Has More Than 100 Million Members

20 April, 2018, 01:17 | Author: Martin Tyler
  • Amazon Prime Reaches 100 Million Member Milestone Here's What It Means For The Stock

The CEO and founder, in his annual letter to shareholders, said last year more members joined Prime than in any previous year.

For a consumer-friendly Amazon, the achievement is a "material positive" as Prime members spend almost double that of a nonmember each year, wrote Aegis Capital analyst Victor Anthony. Amazon reported this number for the first time under a new requirement that companies disclose the gap between pay for the rank-and-file and the person in the corner office.

The letter marks the first time Amazon has publicly released the number of subscribers to the paid service, which provides expedited shipping as well as a variety of digital features such as video and music streaming and cloud photo storage.

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As for sales of some of Amazon's other heavily promoted products and services, Bezos remained typically vague. Bezos's comments show that Seattle-based company is selling Prime memberships overseas, demonstrating it can replicate its US success abroad, said RJ Hottovy, an analyst at Morningstar Inc. The number of members now paying for an Amazon Prime subscription is over 100 million, meaning that over 100 million people around the world are also subscribed to Amazon Prime Music - Amazon's stripped back music streaming service packaged with Prime.

Bezos also revealed how 2017 has been its best year ever. The company's median compensation figure, however, shows that at least by volume, Amazon's workforce tilts more toward the fulfillment center associates than AI specialists. "Customers bought tens of millions of Echo devices, and Echo Dot and Fire TV Stick with Alexa were the best-selling products across all of Amazon - across all categories and all manufacturers".

Bezos did not provide a precise figure, but the total number of Amazon Music subscribers is likely to be substantially less than Spotify's 70 million or Apple Music's 36 million.

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Bezos noted more than 5 billion items were shipped worldwide using Amazon Prime in 2017, which was first announced in January.

Bezos - who owns 16 percent of the company's shares, a stake that makes him the world's richest man with a net worth of $127 billion, according to Bloomberg - received the other $81,840 as salary.

By that metric, Amazon's disparity between CEO and average worker pay stood at 59-to-1, a relatively narrow gap. Shares have gained 30.6% so far this year, while the S&P 500 index has gained 1.2%.

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