The current 25Mbps/25Mbps (download/upload) tier will be boosted to 50Mbps/25Mbps. Likewise, the 35Mbps/35Mbps tier will speed up to 75Mbps/35Mbps. As you can see, in both cases upload speeds will remain the same.

In addition, Verizon will introduce two new : 150Mbps/65Mbps and 300Mbps/65Mbps. Verizon will reveal pricing for the new tiers sometime in June.

According to Verizon, the speed increases are a societal and technological necessity.

"The ways we used the Internet and watched TV over the past 10 to 15 years have dramatically shifted," explained Bob Mudge, president of Verizon's consumer and mass market business unit.

"With the emergence of smartphones, smart TVs, Blu-ray players, tablets and gaming consoles," he continued, "that also serve as over-the-top devices, consumers need more bandwidth to receive the highest-quality experience."