Dropbox has finally decided to respond to the competition from new players in the market. Both Microsoft SkyDrive and Google Drive are offering cheaper storage plans with similar capabilities.

Dropbox has announced that they are doubling the storage space for paying customers. 50GB plans are being converted to 100GB. 100GB plans are being converted to 200GB.

Dropbox is also launching a new storage plan with 500GB capacity. Pricing is not revealed yet.

Dropbox also has good news for the subscribers of their Teams plan:

For those of you using Dropbox for your business, check out Teams. You get a single centralized bill, phone support, and 1 TB of space to start.