Apple just dropped the price of the Apple Watch — it's not an encouraging sign (AAPL)

Steve Kovach/Tech Insider

At today's Apple event, CEO Tim Cook announced that the Apple Watch is the #1 best selling smartwatch in the world.

And to keep that train rolling, Cook says, the Apple Watch is now starting at $299 — a $50 discount from its former $349 starting price.

Cook also says that Apple will be introducing a new kind of Apple Watch band, made from woven nylon, and coming in a variety of colors. 

It may be the best-selling smartwatch in the world, but the Apple Watch is still not the sales smash that the company obviously hoped. Apple is clearly banking that a lower barrier to entry will get more people on board.

Still, for those Apple Watch owners out there in the world, I bet they'd rather have a new software update than a new watchband. Maybe Apple will have more to share at its forthcoming Worldwide Developers Conference.

NOW WATCH: Everything Apple will unveil this year