Amazon is hosting an Alexa-focused press event in New York City on Wednesday, marking the company's first major device press conference in nearly two years. The event, emceed by Amazon's new devices and services chief Panos Panay, formerly of Microsoft Surface, is scheduled to start at 10 a.m. Eastern and will not be live-streamed. However, TechCrunch will be reporting on the ground, providing live updates and insights from the event.

The stakes are high for Amazon, which has reportedly lost billions of dollars on its Alexa business despite selling hundreds of millions of devices. Amazon CEO Andy Jassy has pushed the company's hardware team to find ways to boost profits through monetized subscriptions, fees, and other add-on services. It's likely that we'll hear about one of those subscriptions on Wednesday, potentially a new tiered pricing model for the upgraded Alexa experience.

According to reports, Amazon plans to introduce an upgraded Alexa experience, codenamed "Remarkable Alexa", designed to make interactions with the assistant feel more natural and intuitive, similar to ChatGPT. The enhanced Alexa is said to be able to respond to multiple requests in a single command and even take actions autonomously. This could be a game-changer for Amazon, as it looks to revamp its Alexa business and make it more profitable.

The new Alexa experience is expected to be priced between $5 and $10 a month, and will be compatible with existing devices. Amazon teased some of this functionality back in 2023 during its last major devices event, promising that the upcoming Alexa experience would draw on generative AI technologies to take into account the context of requests and personalize its responses.

Improved smart home capabilities could also be in tow with the new Alexa, as multiple companies are working on integrations with the new Alexa using developer tools that Amazon announced in 2023. This could include features to simplify scene controls and allow Alexa to better understand what users might want their devices to do.

However, a big question remains: can the new, generative AI-infused Alexa overcome some of the underlying tech's more glaring flaws? According to reporting late last year, the new Alexa at one point struggled with basic commands like switching smart lights off and on. The upgraded Alexa's many delays have given Amazon ample time to address the worst potential blunders, but there's always an element of unpredictability.

Fortunately, the new Alexa won't be a mandatory upgrade. Reports suggest that Amazon will allow device owners to stick with the "Classic Alexa" experience if they choose. This could be a relief for users who are hesitant to adopt new technology or are concerned about the potential reliability issues with the upgraded Alexa.

As for when they'll be presented with that choice, it may be a little while. According to The Washington Post, the launch of the upgraded Alexa was delayed earlier this month after the assistant gave incorrect answers to several test questions. Sources told the publication that it may not roll out until the end of March or later. This delay could be a blessing in disguise, giving Amazon more time to fine-tune the new Alexa and ensure a smoother rollout.

Overall, Wednesday's press event is shaping up to be a significant moment for Amazon and the future of virtual assistants. With the stakes high and the competition heating up, it will be interesting to see how Amazon's upgraded Alexa experience stacks up against the likes of Google Assistant and Apple's Siri. One thing is certain: the world will be watching, and the implications for the tech industry could be far-reaching.