With Netflix and Hulu offering huge libraries and exclusive shows, the online streaming service market is getting pretty crowded. That's not intimidating Amazon, though.

The online retail giant just announced that they're more committed than ever to the movie and television streaming service attached to their premium membership program, Amazon Prime.

CNBC caught up with Jay Marine, the VP of Prime Instant Video in Europe, at the launch of London Technology Week. According to Marine, Amazon is ready to “double down” on their investment in Prime Instant Video. Amazon plans to “invest more to bring our customers worldwide more originals [and] more great TV series that they have never been able to see before,” says Marine.

Amazon already spent $1.3 billion on the program last year. If we're to take Marine's comments literally, that means Amazon will be dropping nearly $3 billion on Prime Instant Video this year!

Amazon Prime Instant Video has about 14 million subscribers and will soon be bringing an exclusive Woody Allen-produced series to its platform. It still lags behind its major competitors, though – Netflix boasts more than 60 million subscribers, as well as a litany of original series and exclusives. Netflix spend about $10 billion last year, so Amazon will need to make major investments in their own platform in order to keep up.

One thing is for sure: with Amazon ramping up to compete with Netflix, things are looking pretty rosy for cord cutters in the years to come!