Amazon Prime costs $119 a year - here are 14 reasons that more than justify its price

One of the suspected reasons for the increase in annual fee last year was due to the amount of money Amazon planned to pour into its digital content, which is one of the best perks of the Prime membership. It's currently on pace to spend $7 billion on video and music content in 2019.

Prime Video lets you stream from a large library of movies and TV shows for free, including Prime Originals content, and rent the latest releases for low prices. Prime members can also subscribe to over 100 channels (and only pay for the channels they want, which is great for saving money without losing convenience), including HBO, Showtime, and CBS All Access.

Plus, it's probably only going to get better as streaming competition intensifies.

Prime Photos lets you save and share unlimited full-resolution photos across desktop, mobile, and tablet, as well as share unlimited photo storage with up to five people. If you're paying a few bucks every month to increase your iCloud storage just to make room for the photos on your phone, you can cut out that cost and use your membership to a fuller extent.

You'll also get five GB for videos and files. And Prime Photos comes pre-installed on Amazon devices, so you can also view your photos from your Fire TV and Echo Show.

If you're using it as a family, Amazon Household is one of the easiest ways to see the return on your Prime membership investment. Two adults and up to four teens and four child profiles may link in a 'Household,' allowing everyone in the family to enjoy Prime benefits (free shipping, Prime Video, Prime Photos and share content like ebooks, audiobooks, games, and apps) without paying extra. This alone makes Prime a good deal if you or your family members use any of the features even sparingly.

Another benefit of linking accounts is that adults can approve orders before they're placed (for teens) and set parental controls on digital content (for kids).

Your Prime membership also makes you eligible for lots of exclusive deals, which are the metaphorical cherry on top of the rest mentioned.

The most impactful is access to Prime Day deals, but you also get exclusive access to the following:

Early access to Lightning Deals: Prime members get an extra 30 minutes to shop lightning deals (which typically last only for a few hours) before they're officially open. Just look for the "Prime Early Access" label as you shop the page.

Discounts or rewards for choosing no-rush shipping at checkout: If you can wait a few extra days for your order to arrive, you can either earn rewards on future purchases or receive discounts immediately. Rewards are automatically added to your account once your free No-Rush order ships and they are automatically applied to qualifying orders as well.

A rewards credit card with no annual fee or foreign transaction fees: Get 5% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. You'll also get a $70 Amazon.com gift card instantly upon approval, and you can redeem your points on Amazon as well as for cash back, gift cards, and travel.

Added discounts and exclusive options in Prime Pantry: You can do a free 30-day trial, but Prime members can tack on $4.99 per month for access to thousands of household essentials, many of which are not available elsewhere on Amazon. Pantry-exclusive coupons save you even more money on these items. Find a review here.

Prime Wardrobe lets you try on and purchase new styles at home. Choose three or more items across their many lines and try them on at home before deciding what to keep and pay for. You have seven days to choose, and you can just check out online once you've decided. From there, return your unwanted items for free using the resealable box and prepaid shipping label.

If you don't frequently shop online this might not save you much money through your membership. But if you've ever gotten burned by a short return window and a busy schedule, the try-before-you-buy is a great feature to save money in the long term.

Prime members get access to Prime Reading which means they can choose up to 10 titles at a time from more than 1,000 options as a perk of membership, and Amazon First Reads gives you access to one free Kindle book every month. For Prime Day, Prime members can get two kindle books for free in July.

And if you have kids and find yourself spending a lot on kids' books, movies, TV shows, or educational apps and games put-together, Prime members can pay $2.99 per month for a single child or $6.99 for a family of four kids for FreeTime Unlimited, which gives members unlimited access to thousands of options. Start a trial here before committing.

Parents can set controls like time limits and content filters, and personalize the experiences of each child profile. It's available on Fire Tablets (books, videos, apps), Echo (audio), Kindle eReaders (books), and Android phones and tablets (books, videos).

Prime Music is a benefit of your Prime Membership that features a growing selection of 2 million songs which you can listen to ad-free and on-demand. If you want to expand your options, Amazon Music Unlimited ($7.99 per month) has a larger library of tens of millions of songs and lets you download them for offline listening on any device. Depending on your own preference, Amazon Music Unlimited might be a better deal than popular choices like Spotify Premium ($9.99 per month). You can find a trial here to determine which one is better ultimately for you.

Right now, you can also get four months of Amazon Music Unlimited for $0.99 as an early Prime Day deal.

If you have access to a .edu email and haven't yet become a member with it, you can get a six-month trial of Prime Student at no-cost and then pay 50% less than other Prime users ($6.49 per month) after the trial ends for four years or until your indicated graduation date — whichever comes first.

Prime is also discounted ($5.99 per month) for qualifying customers with an EBT or Medicaid card.

Your shipping benefits are key, and they extend beyond Amazon.com. You can get free two-day shipping by signing into your Amazon account while shopping at Shopbop, East Dane, and the flash deals at Woot! as well.

If you want an unlocked phone (and the greater freedom afforded by not being tied to one phone carrier), Amazon reserves low prices for LG, Moto, and Nokia phones for Prime members.

Twitch is primarily used to watch video gameplay. Prime members get free two-hour delivery, a free Twitch channel subscription (starting at $4.99 per month otherwise), pre-order price guarantee, a Prime-exclusive chat badge, and release date delivery.

Similar to the free books in Prime Reading, this Audible benefit unlocks free full-length audiobooks exclusive to Prime members as well as playlists handcrafted for every interest and Audible-produced news, humor, and crime podcasts.

Right now, Prime members can take advantage of an early Prime Day deal that's giving away three months of membership for just $4.95 per month (originally $14.99). You can also save $30 when you sign up for an annual Audible membership (now $119) and get an Echo Dot for $0.99.

Perhaps the biggest (and most valued) thing you will save with Prime is time. With free two-hour delivery on household items with Prime Now, free same-day shipping on over a million items, and consistent two-day shipping on everything else, you'll save time commuting, browsing, price-matching, and waiting in lines.

And if you find yourself waiting in lines for new video game releases, you'll save even more with free release-date delivery on new video games, books, music, and movies if you can wait until 7 p.m. day-of for delivery.

In select cities, you can even enable Amazon Key in-home delivery, so you don't even need to be home to bring your packages indoors. It's a secure in-home delivery on millions of eligible items. It's possible with the Amazon Key Home Kit ($219.99), which can also be used normally to schedule home access for guests, friends, and family. Eligible shoppers can also get packages delivered to their garage or car when it's parked at a publicly accessible area.