New York (CNN Business) Samsung kicked off its "Galaxy Unpacked" event in San Francisco on Tuesday with a slick promo video introducing its new folding smartphone, the Galaxy Z Flip. Rebecca Hirst, Samsung's UK head of marketing, took the stage to tout the phone as being "like nothing you've ever experienced before."

It all seemed to be going so well as she talked through the phone's specs and features. Then came the price reveal: $1,380.

"That's kind of a mixed response," Hirst said to scattered applause.

It wasn't even the most expensive smartphone Samsung unveiled that day. The top-of-the-line version of its new flagship , the Samsung Galaxy S20 Ultra, starts at $1,399. If you get a 512 GB version, the price ticks up to $1,599.99.

The Samsung event highlights the new normal for the smartphone industry. In 2017, Apple shocked the world by charging $999 for the iPhone X . Many outlets questioned whether consumers would ever pay that much for a phone. Now, as Apple and Samsung compete for the high-end market, there are a growing number of smartphones that cost well over $1,000.