On Tuesday, Apple announced that it would be launching Fitness+ on December 14. Fitness+ is a subscription service that offers digital fitness classes costing $9.99 for a monthly subscription or $79.99 for a yearly subscription.
This news resulted in a dip of Peloton shares by 2% in pre-market trading. After the markets opened, the stock recovered and rose by 1% Tuesday morning.
Peloton CEO John Foley has said in the past that his company separates itself from Apple. The company has different hardware products including treadmills and high-tech bikes.
“They’re not coming into that [hardware] category,” Foley said about Apple. “They’re just going to be the content. And we think the special sauce, the magic is our connected platforms and in order to work out at home you need a stationary bike if you’re going to be biking, you need a treadmill if you’re going to be running.
Apple Fitness+ will focus on personalizing workouts through a recommendation engine. It will integrate metrics on to users’ screens from the Apple watch, to increase motivation. It will be linked to Apple music, so consumers can gain access to their playlists or to fitness playlists. It can be downloaded on iPads through the App store.
Apple had launched Apple One in October. This service includes Apple Music, TV+ and News+ for a monthly payment. Fitness + will be added to the Premier option, which has a monthly cost of $29.95.
This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.