JPMorgan says Amazon Prime is worth 10x what members pay — a compelling case to hike fees

An annual Amazon Prime membership is becoming more valuable at the exact moment that subscriber growth is getting harder to come by. JPMorgan conducted a sum-of-the-benefits analysis of all the things that Prime offers at a $139 yearly cost in the U.S. The analysts concluded that a membership is worth more than 10 times that, or $1,437 per year. For example, they estimated that, on average, U.S. Prime members saved $550 on delivery fees in 2025, up 10% from the prior year. Prime Video, Prime Music, and Prime Gaming saved members $228, $120, and $156, respectively, by avoiding subscriptions to separate outside streaming services. Members also saved on groceries, restaurant deliveries, and reading. While great for consumers, this is also particularly notable for Amazon investors because Prime remains one of the company's most important competitive advantages and a key part of its retail flywheel, which Wall Street is watching closely this week as Amazon Prime Day kicked off Tuesday and runs through 11:59 p.m. PT on Friday (or 2:59 a.m. ET on Saturday). Rivals Walmart and Target also offer memberships and are holding competing sales this week. Of course, Club name Costco is membership-only. The growing value of Prime is a selling point for retention and new subscribers as Amazon faces a more mature membership base, especially in the U.S. …