The next Samsung Galaxy smartphone might be more affordable than the Galaxy S6. The possible price reduction is not something new for Samsung though.

The Samsung Galaxy S7 could wind up being priced at a lower starting price than the Galaxy S6 that preceded it, CNet reports. 

According to China-based analyst Pan Jiutang, the starting price of the Galaxy S7 will be 10 percent less than the starting price of the Galaxy S6, making it a much cheaper option than smartphones from Apple, HTC, Sony and other smartphone makers. Jiutang's information was first reported by the Times of India. That would mean a price of around $585 for the Galaxy S7.

In July, Samsung announced it would lower the prices of their two latest phones, the Galaxy S6 and the Galaxy S6 Edge. The company's goal was to boost sales of smartphones.

Samsung has faced sinking sales and seen its market share decrease due to competition from Apple and low priced Chinese competitors like Xiaomi and Huawei.

A price drop on the Galaxy S7 could allow Samsung to convince smartphone buyers to buy their device instead of smartphones from Apple or other Android makers. These lower prices help customers in markets like India afford their phones, when a high priced smartphone like the iPhone 6s would be out of the question.

Samsung might be able to sell more devices by lowering its prices, but profit margins might decrease at the same time.

The Galaxy S7 might be coming earlier than expected. Samsung has been working hard to get the Galaxy S7 ready for release. The design of the smartphone is already complete and it now needs the components to finish it. This means the Galaxy S7 could be ready as soon as January.

The Galaxy S7 will make improvements to the Galaxy S6, potentially including a super-sharp resolution, a better camera and curved edges. Samsung introduced the Galaxy S6 in March at the Mobile World Congress in Barcelona.