Faced with aggressive competition, Dropbox on Wednesday announced price reductions and storage space increases.

Dropbox Pro offers 1 TB of storage for $99 per year when paid annually. The monthly rate is $9.99. Previously, users had to pay $500 per year just for 500 GB. The new deal matches similar offerings through Google Drive and Microsoft OneDrive.

EmberIn June, Apple introduced iCloud Drive, a new feature in OS X 10.10 Yosemite that provides a dedicated location for iCloud files on OS X, Windows, and iOS. We should hear more about iCloud Drive pricing when OS X Yosemite is released to the public this fall.

On Monday, the Dropbox for iOS app received some new features, including the ability to search within Microsoft Word and Microsoft PowerPoint documents.

Other changes include:

  • Support for larger animated GIFs
  • Smarter caching uses less data and disk space
  • Dropbox is better at opening back to where you were
  • Assorted bug fixes

You can download the free Dropbox app on the App Store.

See also: Mailbox for Mac arrives in a public beta versionReport: Apple’s thinner MacBook is coming in late 2014 or early 2015, and Apple’s Beats Music raffling off tickets to iTunes Festival London 2014.