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Apple is eyeing a larger piece of the nearly $100 billion global fitness industry, but experts say Peloton shouldn’t be too concerned.
The tech giant announced its new Apple Fitness Plus service on Tuesday, a subscription service that will feature workouts instructed by “the world’s best trainers” and set to Apple Music playlists. At $9.99 a month or $79.99 a year, an account can be shared with up to five family members. Apple Fitness Plus also syncs to the Apple Watch and other Apple products to track real-time fitness metrics.
When news of Apple Fitness Plus broke in the middle of Peloton’s investor meeting on Tuesday — during which the company shared its goal to reach 100 million subscribers — Peloton CEO John Foley was quick to address the service, as chatter began to arise over the similarities of the two offerings.
“We’re just digesting the announcement like everybody,” Peloton CEO John Foley said on Tuesday. “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.”
Like Apple Fitness Plus, Peloton’s membership includes access to a wide variety of equipment-free workouts that can be done anywhere, in addition to its popular streaming cycling classes. Though bike owners pay more for the membership, those without a machine pay $12.99 a month.
Still, Claude Zdnaow — founder and CEO of marketing agency holding company Stadiumred Group — said despite the buzz around Apple Fitness Plus, he doesn’t foresee it encroaching too much on Peloton’s territory.
“When compared to Peloton, we really are talking about two different consumers,” Zdanow told Business Insider. “For Peloton, that’s one that wants a workout machine-enabled premium product that is …read more
Source:: Business Insider