A hundred gigabytes of storage, enough for years and years of photos, costs $9.99 a month on Dropbox. Google Drive, a largely similar service, costs $1.99, or 80 percent less.

Dropbox CEO Drew Houston defended his company’s pricing under tough questioning Wednesday evening by Recode journalists Liz Gannes and Walt Mossberg in an interview at the Code Conference in Los Angeles.

“We’re not cutting prices,” said Houston.

He noted that his company now has 300 million registered users and that he regularly hears from users who have tried competing services like Box or Microsoft’s OneDrive and come back to Dropbox.

Gannes pointed out that Carousel, a new photo-sharing app from Dropbox, was struggling in Apple’s App Store with a very low download rank. Houston responded that Dropbox was still improving the app and didn’t want to promote it until it was ready.

See also: With Carousel, Dropbox Wants To Handle All The Photos

Instead of competing on price, Houston said, Dropbox was going to keep improving tools like Carousel and Project Harmony, a tool for collaborating on Office documents while using Dropbox for storage.

Houston wasn’t blasé about the big challengers coming after him—everyone from Google and Microsoft to Apple, which once tried to acquire Dropbox.

“We’ve been worried since the day the company was founded,” he said. “All these companies are doing a better and better job of what we’re doing.”