Only months after the launch of its first smart speaker, Apple is reportedly planning to release a cheaper, Beats branded HomePod.

Chinese site Sina claims chip-maker MediaTek is on board with the company but has not made an official statement.

This smaller HomePod would go up against the Google Home Mini and the Amazon Echo Dot both priced at $79.

Many commentators had a problem with Apple’s smart speaker as it was too overpriced at $499 and was restrictive when it came to using non-Apple branded products with the HomePod.

Right now, the HomePod will only play music through Apple Music and can only be paired with an iPhone.

This could be the financial relief Apple is looking for as the HomePod disappointed the Californian company with sales missing targets, inventory piling up, and manufacturer orders slashed. However, Ming Chi-Kuo, analyst at KGI Securities says an affordable HomePod will not ‘provide a long-term benefit to Apple’s bottom line’.