(Pocket-lint) - Fitbit, the company known for its range of fitness trackers, will release its very first smartwatch later this year. Until now, the smartwatch has largely been subject to rumours and leaks, but Fitbit's CEO James Park has revealed some information to the Financial Times.

He calls the new device the company's "make or break" device, and said it will be waterproof, have highly accurate GPS tracking, and will feature sensors beyond the 'regular' ones such as heart rate monitoring and accelerometers. However, James didn't didn't go into full details of the actual hardware that will feature on the new watch.

Fitbit is allegedly trying to sign up music streaming services such as Spotify and Pandora to offer built-in support. Park said: "We are definitely focused on figuring out how to best integrate music into the fitness experience for people".

Park has also come out to say the Fitbit smartwatch is on track, despite rumours saying that production is falling way behind schedule, especially following the recent staff walkouts.

It's also believed the Fitbit smartwatch isn't looking to compete with the likes of the Apple Watch, and will instead offer simple health tracking capabilities, with a battery that can last several days on a single charge. It should also have its own app store, and will be able to support dedicated apps thanks to its acquisition of Pebble in 2016.

Finally, the Fitbit smartwatch probably won't feature 4G LTE support, meaning it will likely just be Wi-Fi only, or will instead rely on a connection with a smartphone.

Despite claims that the smartwatch is still on track, Park hasn't said when we can expect to see it, other than "later this year".

Writing by Max Langridge.