Apple made a big bet last year that it could convince you to spend $1,000 or more on a new iPhone. It sounded like a crazy move after people spent 10 years spending $650 or so on a new device, but Apple's gamble worked.

The iPhone X, which starts at $999 and goes all the way up to $1,149, has helped boost profits for the company, even as iPhone unit sales continue to flatten. Last quarter, the pricier iPhone X helped increase the iPhone's average selling price (ASP) to $724, which was well above expectations.

It turns out Apple doesn't necessarily need to sell more phones each year to keep its wild profits flowing. It just needs to create a version that's worth spending more on.

But things are going to change this year.

According to numerous reports, Apple will announce three new iPhones based on the iPhone X design on Wednesday. That means we've seen the last of new iPhone models with a home button and large, chunky borders around the screen, like last year's iPhone 8. Starting this week, all iPhones will look like the iPhone X for the foreseeable future.