With a new slogan “One place for everything in your life”, Microsoft today announced the new name of its cloud storage service SkyDrive. The SkyDrive has now become OneDrive after six months of losing the case against BSkyB.

The appeal was waived in July 2013, and BSkyB allowed Microsoft to use the brand name temporarily until the transition to a new name completes. Now, The Redmond Company has chosen the name that identifies the service, and published an introductory video on the official YouTube channel, although the channel name still contains the term SkyDrive.

In the first blog post, Ryan Gavin, General Manager, Consumer Apps & Services has explained the reason of choosing the name OneDrive:

“We know that increasingly you will have many devices in your life, but you really want only one place for your most important stuff. One place for all of your photos and videos. One place for all of your documents. One place that is seamlessly connected across all the devices you use. You want OneDrive for everything in your life.”

Though the term “One” sounds similar to the Xbox One ideology, in which “One” means one device for games, apps, movies, music and the Internet. However, it’s given “changing the name of a product as loved as SkyDrive wasn’t easy.”

The cloud storage service will continue as before, except few moniker changes. The SkyDrive and SkyDrive Pro will be known as OneDrive and One Drive for Business, respectively, and now accessible through onedrive.com. At the same time, all the apps belong to SkyDrive will soon be updated including the SkyDrive Pro for Office 2013 and Office 365 suite; and Windows 8.1.

Update 1: 20GB Free for one year

Microsoft is also sending out an appreciation email to some selected SkyDrive OneDrive users, for being loyal to the service. All of them will get 20GB more storage for a period of one year. The excerpt of email reads, “You’re one of our most valued SkyDrive users, and one of a select group to receive this gift of an extra 20 GB for one year, free.”

OneDrive 20GB Free

So check your inbox, you might be the lucky one because you must redeem this freebie before March 31st, which will last for a year from date of redemption.