Apple is gearing up for its big Sept. 12 event where the company will launch the newest iteration of the iPhone. The new phone is expected to arrive with a number of new and top-of-the-line features, and could be priced at as much as $1,000.

People briefed about the new phone shared the information to the New York Times. It is expected to feature the same trend in many other smartphones this year, a larger screen and minimal bezels to increase the screen-to-body ratio.

The new phone will also include features like facial recognition for unlocking, and wireless charging using a magnetic induction pad. However, the $1,000 price seems a bit hefty for a phone that gets a new version every year, and may scare away many potential customers.

However, according to Barclay's analyst Mark Moskowitz, Apple could offer the phone bundled with free subscriptions to Apple Music and 200 GB of iCloud storage space for one year. This inclusion is in itself worth $156, dropping the perceived cost of the phone to $844, which is more within reach for consumers.

This strategy may also secure customers for future releases, as switching to a non-Apple phone will be harder if the users' music and photos are stored in the iOS-locked services like Apple Music and iCloud.

The new iPhone is speculated to be called iPhone 8 or iPhone X, since this year, its unveiling will also mark the 10^th anniversary of the iPhone. The event will also be the first one to be held at the new Steve Jobs Theater at Apple's new campus in Cupertino, California.

There are also a couple of iPhone versions that are expected to be revealed during the event, namely, the iPhone 7S and 7S Plus. These models are likely to have a lower price, and would be perfect for those who don't want to spend a thousand dollars for a phone.