Apple CEO Tim Cook has announced a price drop for the Apple Watch.
The wearable device will now start at $299 (£200), the same price as its newly launched iPhone SE. This marks a drop from its launch price of $349 (£250) for the same 38mm model.
Speaking at this year’s keynote event CEO Tim Cook claimed the Apple Watch had become a ‘essential part of daily life’, describing it as the ‘number one smartwatch in the world’.
Despite this, the US tech giant’s wearable has failed to have the effect on the market it was expected to, going up against Samsung’s Gear S2 smartwatch to claim a share of the wearables market.
Apple initially took a direct strategy when it came to distributing the device. However the manufacturer ended up opening channels in July 2015 to sell the device at a number of high end retail outlets in London, Tokyo and Paris, partnering with electronics retailer Best Buy to distribute the device.
Chris Millington, CEO of smartphone manufacturer Doro, recently pointed out Apple’s failure to hit forecasted targets of 40m smartwatch sales, claiming that 2016 will see the demise in unnecessary tech, wearables included.
He said: In Q2  Apple sold 3.6m smartwatches, against financial analysts estimated 40m of sales - and if Apple can’t make smartwatches work, you had better be careful if you try and imitate without a stronger proposition.’