In context: When Samsung first unveiled its Galaxy Fold, there was quite a bit of buzz in the tech community: it was one of the first examples of a true folding-screen consumer gadget. Unfortunately, it had a few problems, not the least of which was its outlandish $2,000 price tag.

Flagship smartphones aren't cheap by any means, but they still tend to fall somewhere in the $700-$1000 range (with a few exceptions as of late). Nobody likes spending that much on a phone, but it's generally the accepted norm these days. The Fold's cost, though, jumped too high, too fast – $2,000 is simply more than most people are willing to pay for something they might very well replace in a year or two.

Fortunately, Samsung seems to have realized its mistake. A new report from SamMobile claims that the company is working on a cheaper successor to the original Fold. There will be two models, but the lower-cost version will ship with 256GB of internal storage; half the capacity of the base Fold. The other model will contain the customary 512GB of storage.

The new Fold is also expected to feature a "larger cover display" and a 7.7-inch overall display (when unfolded), compared to the original Fold's 7.3-inches. Other spec details are still up in the air, and we don't know how much cheaper either variant will be compared to the existing Fold.

However, the price reduction will need to be significant to entice most consumers – particularly in light of the ongoing Covid-19 pandemic. With many consumers struggling to keep themselves afloat after losing their jobs due to the virus, splurging on a luxury smartphone is probably the last thing on their mind.

At any rate, SamMobile's sources say the new Fold could launch as early as Q3 this year, perhaps alongside the Galaxy Note 20. There's reason to be skeptical about that launch window given the state of the world's economy, but perhaps things will improve between now and then.

Masthead credit: Android PIT.