Prepare for price increases, Verizon Wireless customers.
Verizon Communications (ticker: VZ) is about to come out with pricier plans, a source tells CNET. The good news: The cellphone plans will also allow for more data use.
The changes vary depending on the plan. For example, Verizon’s “S” plan currently stands at $30 per month for 1 gigabyte, and will grow to $35 per month and 2 GB. Its “XXL” plan will grow to $110 from $100 and with a hefty 6 GB data increase, up to 24 GB.
Additionally, the company will let its customers use “safety mode,” a new app to avoid overage costs.
Verizon is planning a news conference at 1 p.m. EST Wednesday to “unveil a transformational wireless experience.” The communications company did not comment to CNET on these reported changes, though mentioned “fireworks” were in store.
CNET mentioned the obvious reasons for these changes: The cell phone environment is ruthless, and consumers are using more data. Think streaming services like Netflix (NFLX) and live-streams from Facebook (FB) and Twitter’s (TWTR) Periscope. Video streaming in 4G takes up 350 MB per hour, and 250 MB per hour for 3G, according to Verizon.
VZ stock is up 21 percent so far this year, but was down 1 percent in trading Wednesday morning.
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Verizon Communications (VZ) Is Raising Prices, Report Says originally appeared on usnews.com
