Microsoft Corporation announced worldwide availability of Office 365 Home Premium, a reinvention of the company's Office product line for consumers. Office 365 Home Premium is a cloud service designed for busy households and people juggling ever-increasing work and family responsibilities. The new offering includes the latest and most complete set of Office applications; works across up to five devices, including Windows tablets, PCs and Macs; and comes with extra SkyDrive storage and Skype calling -- all for $99.99 for an annual subscription, the equivalent of $8.34 per month.

Microsoft also announced it will now deliver many new features and services to the cloud first, transforming the company's traditional three-year release cycle. Now, new features and services stream to subscribers as soon as they are ready, keeping subscribers always up to date while eliminating the hassles of upgrading. Simultaneously, Microsoft released Office 365 University for college or university students, faculty and staff at a price of just $79.99 for a four-year subscription -- the equivalent of $1.67 per month.

Globally, the company also released updated versions of the traditional Office suite: Office Home and Student 2013, Office Home and Business 2013 and Office Professional 2013. Office 365 for businesses will be released globally with new capabilities on Feb. 27.