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Peloton CEO John Foley said on Tuesday that Apple launching a fitness platform is a “legalization” of this type of content.
Foley’s remarks were made during an investor meeting as the bike manufacturer’s first public company, and coincided with Apple’s unveiling of its fitness platform, allowing users to access a list of workout videos on iPhones, iPads or Apple TVs will allow. That sync in the Apple Watch.
Peloton shares were slightly submerged in the news and recently rose about 4%.
“We’re digesting the announcement just like everyone else,” Foley said. “The biggest thing I would say is that this is quite a legalization of fitness stuff, the biggest company of the word, a $ 2 trillion company, coming in and saying fitness stuff. It’s quite worthwhile for Apple . ”
However, he said, the peloton distinguishes itself from Apple with its high-tech spin bike and treadmill, which Apple is not planning to offer customers.
“They are not coming in [hardware] Category, “Foley said of Apple.” They are just going to be content. And we think that special sauce, magic, is our connected platform and to work at home you need a stable bike, if you’re going to ride a bike, you need a treadmill if you’re going to run Huh. ”
Meanwhile, Peloton has outlined its plan to grow 100 million customers. To get there, the company plans to expand outside the US, launch new products and ensure its gear is affordable.
Peloton shares are up over 200% this year.