LG unveils webOS smartwatch set to release in early 2016

A report has said that LG's much awaited webOS smartwatch is set to release in early 2016.

A source "familiar with the plans" said that the company is trying to build a software ecosystem around areas "we can have more control over," reported The Verge.

LG already makes two smartwatches, the G Watch and G Watch R, which run on an Android platform. The company teased a third model at CES, developed in partnership with Audi.

However, the prospect of a watch built on the webOS platform has many users and developers excited. LG owns the rights to the platform and has already used it in a line of smart TVs.