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Amazon reveals massive growth in Prime membership, stocks climb

Amazon reveals massive growth in Prime membership, stocks climb

Amazon released its 2021 quarterly earnings report on Thursday which revealed that the company is still buoyed by the massive shift to online shopping and streaming that has expanded its business during the year of the pandemic. As stocks climbed by 3%, the report indicated that company sales had gone up by 44% with streaming hours had increased by more than 70%.

"As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year," Bezos said as quoted by Hollywood Reporter. In addition to this, the massive success of Amazon Web Services had an anual run rate of $54 billion the Amazon CEO said.

In his final annual letter to shareholders earlier this month, Bezos announced that Prime had crossed the 200 million membership mark, inching closer to competitor Netflix's 204 million and far ahead of Disney+ 100 million subscribers.

Bezos will be stepping down from his role as CEO of the online shopping giant this year, while Web Services Head Andy Jassy will be stepping up to lead the company.

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