Verizon iPhone to Be Released February 10

The telecom company announced the news in New York City Tuesday.

The Verizon iPhone will finally be released on Feb. 10, the company's president, Lowell McAdam, announced Tuesday in New York City.

"If the press writes something long enough, eventually it becomes true," joked McAdam of the long speculation that AT&T would lose its monopoly on the Apple phone to Verizon.

With a two-year contract, the 16GB Verizon iPhone will cost $199.00, and the 32GB will cost $299. See photos of the Verizon and AT&T phones side-by-side here.

The Verizon version will be a WiFi hotspot, allowing up to five devices to connect online with it. 

With Verizon's 3D network and Apple's "Retina" display, Apple and Verizon are serious about providing quality images of Hollywood content, though Verizon will not be offering any exclusive video programming or other content through the Apple smartphone.

"We want the experience to be the same for every iPhone user. So there are no special Verizon Apps preinstalled," Apple's Phil Schiller told website Ars. "AT&T offers customers some apps via the App Store. I'll let Verizon comment if they are working on anything for that."

Smartphones are driving the mobile phone category with $18 billion in shipment revenue and more than 55 million unit sales in 2010, according to the Consumer Electronics Association. The organization forecast that in 2011, smartphone revenues will increase nearly 20 percent to more than $21 billion and 72 million units are projected to ship to dealers.