What you need to know
- Peloton CEO John Foley says that Apple's Fitness+ service is a "legitimization" of fitness content.
- He spoke about the announcement during the company's first investor meeting.
- Peloton is not worried, however, in Apple cannibalizing their hardware business.
Foley's remarks were made during the bike maker's first-ever investor meeting as a public company, and coincided with Apple's splashy unveiling of the fitness platform, which will allow users to access a catalog of workout videos on iPhones, iPads, or on an Apple TV that sync to an Apple Watch.
In the investor meeting, Foley said that, if Apple is focusing on fitness content, it proves that fitness subscriptions and content like Peloton offers is an important market.
"We're just digesting the announcement like everybody ... The biggest thing I will say is it's quite a legitimization of fitness content, to the extent the biggest company in the word, a $2 trillion company, is coming in and saying fitness content matters. It's meaningful enough for Apple."
Foley went further to say that Peloton isn't worried about Apple taking over their business. He specifically focused on the fact that, while Apple offers the service for its Apple Watch owners, consumers will still want the bikes and treadmills that Peloton is known for.
"They're not coming into that (hardware) category ... 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."
Fitness+ is a subscription service that allows you to access a library of video-led workouts that uses real-time-data from your Apple Watch. The service will cost $9.99 per month or $79.99 per year.
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