AT&T announced Monday that it would be adding LTE-based Internet service for airlines as early as "late 2015."

One highlight to the planned in-flight Internet service is the AT&T's offering of "onboard entertainment." This could mean that streaming video services, like Netflix or Amazon Prime Streaming Video, would now be allowed while passengers fly. In the past, GoGo In-Flight Internet did not allow passengers to stream video because of bandwidth limitations.

The bandwidth limitations are a reason why only about 6 percent of users that fly on GoGo In-Flight Internet-enabled flights actually use it. If more users logged on, it'd operate at a very slow speed.

In response, AT&T will build an air-to-ground network in the continental U.S. that will deliver high speeds and efficient service.

Right now, AT&T is working with Honeywell's aerospace division "to provide hardware and service capabilities" and is hoping its exciting product will lure airlines to switch to their in-flight Internet.

AT&T is keeping which airlines that plan to utilize their in-flight Internet under wraps for now. The company will release that information before the product is launched.

AT&T hopes to beat out popular in-flight Internet provider GoGo. On its website, GoGo Inflight Internet lists eight popular airlines that use their service, including Delta, American Airlines, United and AirTran. AT&T certainly will hope to sway these big carriers away from GoGo and to their in-flight Internet service.

Another option for AT&T to explore will be including voice calls while passengers are flying. The company says it will "comply will all the current regulations in the airline industry today." But those regulations could become more relaxed as time goes on.

The Federal Communications Commission has proposed allowing voice calls on airplanes, but it's not a set rule yet. Even if the FCC allows it, airlines have the final word regarding allowing customers to talk on their phones while flying. Delta CEO Richard Anderson already said his company will not allow it.

If AT&T can capitalize on GoGo's speed and bandwidth problems and make a better product, airlines will quickly make the switch. But, GoGo isn't going to just fold. They too are planning an upgrade to their in-flight Internet, and this means Internet prices for fliers could very well go down.