11:38 AM EDT, 04/12/2024 (MT Newswires) -- (Updates with Coupang's ( CPNG ) confirmation in the headline and the first three paragraphs, and latest stock movement in the fourth paragraph.)

Coupang ( CPNG ) is changing its WOW membership's price to 7,890 Korean won ($5.7) per month, the company confirmed to MT Newswires on Friday in an email.

New subscribers will pay the increased price from Saturday, while current subscribers' price will also be hiked from August, the company added.

"New members of Coupang WOW membership will be able to enjoy more discounts in the future. According to our analysis of average customers' consumption patterns based on data from major organizations such as Statistics Korea, it is estimated that WOW members who routinely use all five services - free shipping, returns, Jikgu, OTT service, and food delivery - can enjoy an average of 970,000 won worth of cost-saving benefits annually (about 870,000 won when excluding the monthly membership fee) compared to non-members," a Coupang ( CPNG ) spokesperson told MT Newswires.

Shares of the company were up over 11% in recent Friday trading.

Price: 21.12, Change: +2.06, Percent Change: +10.78