By early 2023, Apple plans to release a redesigned HomePod smart speaker

Apple is expected to release a new version of its HomePod smart speaker in late 2022 or early 2023, according to reports.

According to 9To5mac, Apple is planning to unveil the new HomePod model in the fourth quarter of this year or the first quarter of next year, according to reliable supply chain expert Ming-Chi Kuo.

This will most likely be a larger model than the HomePod small, but one with features that will help bring the price down from $300.

The $99 HomePod tiny is the only model available right now. The first HomePod, which had far better sound, was discontinued last year after being reduced in price from $349 to $299.

While Kuo considers smart speakers to be "undoubtedly one of the important aspects of the home ecosystem," he believes Apple has yet to figure out how to be successful in the smart speaker space.

The analyst recently claimed that the tech giant is working on a new version of the Apple TV set-top box in order to reduce costs.