First, Yahoo announced that they've reached an agreement to purchase Tumblr. Marissa Mayer, CEO of Yahoo:

We promise not to screw it up.

Yahoo has had a bit of a history with screwing up purchases like this - having purchased Geocities back in the day for around a billion dollars as well and then never doing anything with it until they killed it.

And then Flickr, which Yahoo owns, announced a redesign and new plans for the photo sharing service including a free terabyte of storage for every account:

We’re giving your photos room to breathe, and you the space to upload a dizzying number of photos and videos, for free. Just how big is a terabyte? Well, you could take a photo every hour for forty years without filling one.

It's kind of like way back when Google offered a free gigabyte with Gmail - 1 terabyte is so much space right now that it's hard to imagine ever needing it.