Amazon has announced it has cut the cost of its S3 Cloud storage service for users of its small and medium storage tiers, passing on a minimum 10% saving to new and existing subscribers.

Noting the change in an official blog post, Amazon recognises the huge growth its S3 service has seen over the past year, growing from 262 billion objects to 762 billion during that period.

It says that as it continues to innovate and drive down Cloud storage costs, it is able to pass along the resultant savings to its customers at every available opportunity. With that in mind, all Amazon S3 standard storage customers will see a reduction in their hosting costs:

For instance, if you store 50 TB of data on average you will see a 12% reduction in your storage costs, and if you store 500 TB of data on average you will see a 13.5% reduction in your storage costs.

Rolling back the changes to the start of the month (February 1, 2012), Amazon offers the following pricing structure:

Savings have been passed on to Amazon’s AWS GovCloud platform also.

Amazon’s AWS platform now processes over 500,000 requests per second for objects on its servers at peak times and saw year-over-year growth of 192%. This ensured it grew faster that it did in any year since it launched five years ago.