Amazon will show 20 Premier League matches a season for three years from 2019, after winning one of the final two broadcast packages.
Premier League executive chairman Richard Scudamore described Amazon as an "exciting new partner".
Subscription channel Premier Sports will screen 33 Premier League games in the Saturday afternoon slot, with another 20 matches also being shown on the platform.
In April, Amazon paid tens of millions of dollars for the exclusive United Kingdom rights to the US Open tennis, giving subscribers who pay £79 a year for its Prime Video service access to three of the four grand slams.
The Premier League joins Amazon's growing selection of live sports, which already includes US Open Tennis, ATP World Tour Tennis events and NFL games. From August 2019 BT will show 52 live games per season, and Sky 128.
The one-year deal included 10 games and cost Amazon $50 million.
To get this price you would have to sign up for BT's most basic broadband deal and add BT Sport to the package, which would cost £30.99 a month and that one off fee of £69.99.
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Also on Thursday, Premier League clubs have struck a new deal over sharing revenue from worldwide broadcast deals which will see any future increases divided according to league position.
Any growth beyond the value of the 2016-19 foreign deals with be distributed based on where a team finishes reflecting the meritocratic allocation of domestic television income.
The package which Amazon has purchased is part of an experiment from the Premier League.
Overall, the total pot of central revenues - domestic and global broadcast rights and sponsorship deals - will be distributed on a 1.8:1 basis, meaning the champions will earn 80 per cent more than the team that finishes last from 2019-20 onward.
"Back then the clubs put in place a revenue sharing system that was right for the time and has served the league well, enabling them to invest and improve in all areas", he said.
The Premier League was unable to achieve the price it was seeking for the streaming packages, with bidders unable to see how to make a real return on just having two rounds of matches a season.
There are still a number of overseas deals to be completed but it is expected that the Premier League will double the #3bn it received in overseas revenue from the previous three-year cycle.
The amount it paid was yet to be disclosed.