Apple not only unveiled a slew of new iDevices at its much-awaited event in San Francisco, but also revealed that it was reducing the pricing for its iCloud storage by 50 percent.

The cheaper pricing for iCloud storage will be welcomed by consumers who deploy the service to store photos and videos. While Apple offers consumers free 5GB of iCloud storage, the same is not enough for users who like to free up the space on their iPhone and back up the device to the cloud wirelessly.

iCloud has been synonymous with storage for iOS and OS X users since its release in 2011. With so much app data to store, users usually run short of space and use up the 5GB in no time. This means that one needs to purchase additional iCloud storage.

While purchasing additional storage could set consumers back from anywhere from 99¢ to $19.99 in the past, now they will need to shell out 99¢ to $9.99.

Previously, the pricing tiers for Apple's cloud storage service was as follows:

20 GB: $0.99 per month

200 GB: $3.99 per month

500 GB: $9.99 per month

1 TB: $19.99 per month

However, on Sept. 9, Apple divulged that it was slashing the prices of some options. So now the pricing tiers are as follows:

50 GB: $0.99 per month

200 GB: $2.99 per month

1 TB: $9.99 per month

The biggest price cut is undoubtedly for 1TB which can now be had for the same amount one would pay for 500GB previously.

Whether Apple will continue with the 500GB plan or if it has discontinued with it is not clear at this juncture. Interestingly, the company's website has not updated the new pricing for iCloud storage which was announced by Phil Schiller, Apple's SVP of worldwide marketing.

With Apple increasing your value for money i.e. offering more storage for less money, people may be lured to purchase iCloud storage over alternate cloud storage options.

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