Amazon introduces a brand-new Echo smart speaker for $99 (AMZN)

Matt Weinberger/Business Insider

Amazon unveiled a new version of its Echo smart speaker with stylish options like wood veneer, new features and a reduced price tag, as the company faces growing competition in the market it pioneered.

The "all new" Amazon Echo is  available for preorder Wednesday for $99, Amazon said at a press conference at its Seattle Headquarters. That's a significant price drop from the previous model, which has retailed for $199 since its launch in 2014. It also undercuts the $129 price tag on Google Home, the Amazon Echo's primary rival.

This new Echo brings better listening at a distance, as well as better sound. It includes a dedicated woofer and a dedicated tweeter, for higher-fidelity sound. It also supports Dolby sound. Plus, it brings multi-room audio, so you can play music from several Echo devices at once, across rooms. 

Amazon also gave the Echo a modest makeover. The new version retains the cylindrical form of the original version, but it's a bit shorter and now comes in a choice of 6 different "shells," including a wood veneer. The makeover comes as Apple, known for its elegant industrial design, is about to roll out its own HomePod smart speaker. 

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