Apple has officially reduced the price of Apple Watch Sport to $299. The smartwatch was initially launched with a pricing of $349. The company has also introduced new band options for it.

During the launch event Monday — held at the Apple headquarters in Cupertino, California — the company also announced two new products, the 9.7-inch iPad Pro tablet and 4-inch iPhone SE smartphone. CEO Tim Cook also announced a $50 reduction in the pricing of Apple Watch Sport, and now, the 38 mm Apple Watch Sport costs $299, CNet reported.

Apple has also introduced a new woven nylon band that comes in colors like gold/red, gold/royal blue, royal blue, pink, pearl, scuba blue and black, and carries a price tag of $50. The leather and sport bands were showcased in new colors, and a Milanese Loop in black was also announced.

Even though the price of the smartwatch has been reduced by $50, some retailers are selling the same device with a $100 discount. At Best Buy, the 38 mm and 42 mm models of Apple Watch Sport are now available for $249 and $299, respectively.

Rumors suggest that Apple may unveil a second generation model for its smartwatch later this year. Hence, new band options in varied colors have been launched to keep the existing lineup fresh until the next model arrives.

WatchOS 2.2, the latest firmware upgrade for Apple Watch, was also released at the launch event. iPhones on iOS 9.3 or higher will be able to pair multiple Apple Watch devices now. The update also includes an improved edition of Maps that includes a menu screen with easy shortcuts for getting directions to locations like work, home and nearby places, 9 to 5 Mac reported.