With Apple announcing Fitness+ during Peloton’s first investor meeting, the latter’s CEO was questioned about Apple entering the same business.
Peloton CEO John Foley responded to Apple’s announcement of its new Fitness+ service by saying that it has legitimized fitness subscription content, reads a new report from CNBC.
“We’re just digesting the announcement like everybody,” Foley said. “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,” he said. “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.”
Peloton’s equipment is targeted toward a different audience — those who are willing to spend thousands of dollars on getting fit. Peloton’s cheapest bike costs $1,895 USD, while their Peloton Tread+ starts at $4,295.
Peloton offers two different membership options, too. A $13 USD tier allows a single user to take Peloton fitness classes and doesn’t require any Peloton equipment. A $40 USD tier requires a Peloton Bike, Bike+ or Tread+, and gives a full family access to health metrics, guided workouts, and more.
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 USD per month or $79.99 per year.