Fitness technology has come a long way, with more and more people wearing FitBits, or opting for using a spin bike to help them get in shape. Recently, the tech giant Apple announced its intentions to get a bigger slice of the pie when they revealed their new Fitness Plus home workout platform.
Apple’s Apple Watch has had fitness features for a while now, but the Fitness Plus is the first bit of original workout content from the tech giant. Fitness Plus is a subscription-based platform, offering at-home workout content for Apple users for US$9.99/month or $79.99/year, providing access to virtual fitness classes, with weekly updates.
Anyone updated on the fitness tech scene, or anyone who loves using a spin bike is familiar with the setup, as it’s basically Apple’s take on Peleton’s fitness app. John Foley, Peloton’s CEO, saw Apple’s Fitness Plus and had some choice words for it.
Foley says that the Fitness Plus, carrying the weight of the Apple brand, pretty much legitimizes this sort of content, the kind that Peleton is known for. He made this statement during the company’s first investor meeting since becoming a public company, which happened at September 15, 2020; the same day that Fitness Plus came out.
Notably, Peloton’s shares dropped a bit due to Apple’s announcement, following a 4% increase.
Foley stated that Peleton is processing the announcement, same as everybody else, but he feels that it legitimizes fitness content, as Apple, a US$2tn company, saw the sector meaningful enough to try and get a foothold.
He noted the similarities between Peleton’s app and Apple’s Fitness Plus, noting that his company distinguishes itself from the tech giant by offering high-tech fitness equipment like spin bikes and treadmills, which Apple has no plans to sell to customers.
The CEO says that Apple will just stick to content, which means that their connected hardware, which is seamlessly integrated into their app, is their secret sauce.
Meanwhile, the fitness content laid out its plans to grow to 100 million subscribers, which they plan to achieve by expanding outside of the US, launching new products, and keeping their prices on the low end of the competitive scale.