How do I tighten the loose band hinge or change the band?

I have a Klipsch GiG speaker. This is what it looks like:

There is a band around the speaker. Supposedly it is removable, because Klipsch promotes color bands like these as an optional accessory:

The problem is, the hinge of the band became loose over time. There's a screw that loosened and can become completely unscrewed if I turn enough. I can screw it back by turning the other way but it remains very loose. I cannot tighten it. I cannot make the speaker stand because of the loose hinge.

Supposedly, the band should be clip-on. I even found a picture which demonstrates the band that has been snapped out.

The problem is, no matter what I try, I cannot actually "snap" the band out, like how it is snapped out in the picture above. The snap-button is so very tight you probably need a powerful machine. I can only unscrew the screw part.

How can I fix this loosened hinge? I don't actually have a colored band to change to. I just have the black band and I want to tighten the screw. I thought by snapping the female part of the screw out, I could tighten it onto the band and then snap the band back into the speaker. But I'm not able to do that because of how incredibly tight the button is.

Rant: This I feel is a total design fail in the part of Klipsch. The speaker is otherwise great with amazing sound. Why did they miss out on making a proper hinge that doesn't loosen over time?

PS: I looked everywhere for a tutorial guide or video showing how to fix the screw or how to change the band. I can't find anything in this mighty internet! I really hope you guys can help me :(