OREANDA-NEWS. March 22, 2016. At its iPhone event on Monday, Apple announced a price cut for its smartwatch, trimming the starting price to \\$299, from \\$349. That's the first price cut for the wearable device since Apple introduced it a year ago.

The price drop applies specifically to the entry-level Apple Watch Sport model.

For people looking for different bands beyond the existing lineup, Apple also introduced a new woven nylon band available in four colors. The company also unveiled a space black version of the Milanese Loop, which had previously come only in silver. Plus, there are sport and leather bands in new colors.

"People also love changing the bands and how it gives the watch an entirely new look," Apple CEO Tim Cook said at the event at the company's headquarters in Cupertino, California. "About a third of our Apple Watch wearers regularly change their bands."