John Foley, founder and chief govt officer of Peloton Interactive Inc.
Chris Goodney | Bloomberg | Getty Pictures
Peloton CEO John Foley mentioned Tuesday that Apple launching a health platform is a “legitimization” of this sort of content material.
Foley’s remarks had been made through the bike maker’s first-ever investor assembly as a public firm, and coincided with Apple‘s splashy unveiling of the fitness platform, which can enable customers to entry a catalog of exercise movies on iPhones, iPads, or on an Apple TV that sync to an Apple Watch.
Peloton shares dipped barely on the information and lately had been up about 4%.
“We’re simply digesting the announcement like all people,” Foley mentioned. “The most important factor I’ll say is it is fairly a legitimization of health content material, to the extent the most important firm within the phrase, a $2 trillion firm, is coming in and saying health content material issues. It is significant sufficient for Apple.”
Nonetheless, he mentioned, Peloton separates itself from Apple with its high-tech spin bikes and treadmills, which Apple is not planning to supply prospects.
“They are not coming into that [hardware] class,” Foley mentioned about Apple. “They’re simply going to be the content material. And we expect the particular sauce, the magic, is our related platforms and as a way to work out at house you want a stationary bike if you are going to be biking, you want a treadmill if you are going to be working.”
Meantime, Peloton has outlined its plans to grow to 100 million subscribers. To get there, the corporate plans to develop exterior of the U.S., launch new merchandise and ensure its gear is reasonably priced.
Peloton shares are up greater than 200% this 12 months.