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Home Health & Wellness

New Apple Fitness Service Introduces Healthy Competition to the Fitness App Industry

Amos Chen by Amos Chen
April 14, 2022
in Health & Wellness, International, Singapore
New Apple Fitness Service Introduces Healthy Competition to the Fitness App Industry
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Apple Inc. (NASDAQ: AAPL) is reportedly working on launching a bundled fitness-oriented service by October for the higher end, to push its services business into the fitness and digital health industry. Apple’s fitness app is set to move into the digital-only subscription fitness space dominated by Peloton and Nike, that provides access to a library of virtual fitness classes at a monthly price that is lower than your typical gym membership.

And while the details remain unclear, Apple’s fitness app sounds very much similar to Peloton (NASDAQ:PTON) offerings: a digital-only subscription offer that provides access to a content library of virtual fitness classes.

The question is: Will Apple be giving Peloton a run for its money?

Following the report of possible competition from Apple, shares of Peloton, the trendy at-home fitness service that streams classes to a spin bike or treadmill, fell more than 4% in premarket trading — but then quickly recovered — and closed at $65.65, up 2%. Though Wall Street analysts remain confident that the exercise-bike company can maintain its lead in the virtual fitness space.

During the coronavirus pandemic, there has been an upsurge in interest for at-home fitness classes due to gym closures and a preference to reduce contact between individuals. During the pandemic period, guided workout app downloaded grew 220% year-on-year globally.

In broad strokes, the plan echoes products from Peloton and Nike, which offer streaming classes at a monthly price that is lower than your typical gym membership — a trend that has recently gained popularity as people have been flocking to at-home fitness classes during the coronavirus pandemic that has forced temporary gym closures across the globe. As a result, Peloton shares have been up more than 120% this year thanks to a surge in sales for its bikes and treadmills, even garnering diehard fans that some would consider ‘cultish’.

Apple’s new fitness app will be available on the company’s devices, like the iPhone, iPad and Apple TV, while Peloton’s offerings are tied to hardware devices such as bikes and treadmills. As compared to Apple, Peloton already offers thousands of on-demand classes in addition to live-streamed ones. Whilst the former has lots of groundwork to be done, given how its recent new video streaming platform does not have a particularly robust content catalogue. It is also unclear how much Apple’s fitness subscription service would cost. Though it might make sense to bundle it with the Apple Watch.

In Q3 2019, Peloton’s digital-only subscription revenue represented only 1% of total revenue, which means that the biggest value in digital subscribers for the company is their potential conversion to connected fitness subscribers.

“We think Apple’s new fitness app could compete vs. Peloton’s digital only subscription offer, but will have limited impact on Peloton’s connected fitness base that uses Peloton’s bike or a tread,” Bank of America Securities Analyst, Justin Post wrote. “Longer-term, it is unclear whether Apple would partner with other at-home fitness hardware companies, or create its own proprietary bike/tread, though we think former is more likely than the latter.”

One potential partnership could be ReflectFitness Asia, a one-stop portal filled with digital classes on demand or live-streamed, and supported with resources related to fitness, health, and exercise. Launching in October, ReflectFitness builds upon its community roots and creates a digital ecosystem that revolutionises the way people exercise and consume fitness related information. ReflectFitness aims to make exercising in the comfort of home, at the user’s own time, simple and convenient. Operating with paired accessories such as heart rate monitors to track output and progress after each workout, world-class Reflect instructors will provide live and on-demand one-on-one style workouts including Strength, Cardio, Yoga, Pilates, Barre, Kickboxing, and Zumba, all within the ReflectFitness ecosystem. The portal also allows users to compete with friends through community challenges and leader boards, creating an exciting platform to engage friends and family on the user’s fitness journey.

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