Apple announced a new price cut for its Apple Watch at its March 21 event, while also introducing some new band options.

With the newly discounted price, the Apple Watch Sport now costs $299, down from its initial launch price of $349. The Apple Watch Sport is the entry-level model in Apple's smartwatch lineup, retailing as the most affordable option.

Apple is expected to introduce a new Apple Watch later this year, so it was rumored that the company might first spruce up its existing Apple Watch options to breathe some new life into the product before its successor is ready to debut.

It now turns out those rumors were true, as Apple announced some new bands for its Watch. A woven nylon band comes in various color options such as Gold/Royal Blue, Gold/Red, Pink, Royal Blue, Pearl, Black and Scuba Blue. The band sells separately and carries a $50 price tag.

Apple also announced a Space Black Milanese Loop, which first leaked back in January.

The $50 price cut for the Apple Watch itself, meanwhile, still doesn't make it exactly affordable. The smartwatch doesn't offer any groundbreaking specs and features, and its functionality could use some improvements for that price point.

While some were happy to see the new discount, others still feel the Apple Watch is not really worth that much without more significant upgrades.

"Unfortunately, the geniuses at Apple have not found a way to add any meaningful updates to the overpriced wearable device," writes Michael Nunez of Gizmodo. "In a rather desperate attempt to gain some attention, the company (briefly) announced several new nylon watch bands (yay!) and a small reduction in price."

Truth be told, some Android smartwatches with comparable or better specs and functionality pack more bang for the buck. Then again, the Apple Brand never quite translated to affordable devices.

The new band options might help keeping the Apple Watch lineup fresh until a new model comes along, but interested customers might want to purchase the smartwatch itself from other retailers. While Apple shaved $50 off the gadget's price, others such as Best Buy and Target offer the exact same product for $100 off.

Lastly, Apple also released the latest WatchOS 2.2 firmware upgrade for its Apple Watch, adding several tweaks and improvements to enhance the overall experience. One of the highlights is that iPhones running iOS 9.3 can now pair with multiple Apple Watches.

For more information about the other announcements Apple made at its March 21 event, check out our more extensive coverage. The Apple Watch announcement is not all that impressive and doesn't scream "best deal," but the new iPhone SE and 9.7-inch iPad Pro are definitely worth a look.

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