That is A LOT of personal back up storage for pictures and videos.
For those who like to read into subtle Apple moves, the timing of this change could indicate a new storage tier for the upcoming iPhone 7. Apple is set to announce the device, as well as the larger iPhone 7 Plus, next week on September 7th. Given that the largest iCloud storage tier has always been eight times that of the largest capacity iPhone, there is a possibility we may see a new 256GB iPhone 7 Plus announced. There is also a 256GB model of the iPad Pro already on sale today. Yet with cloud storage as cheap as it is, it's not clear anyone needs an iPhone that big.