Peloton shares extended declines on Tuesday following news that Amazon is launching a service called Halo Fitness to rival offerings from Peloton and Apple with Apple Fitness+.
Apple Fitness+ brings studio-style workouts to iPhone, iPad, and Apple TV, intelligently incorporating workout metrics from Apple Watch for a first-of-its-kind personalized and immersive experience users can complete wherever and whenever is convenient for them.
Amazon’s Halo membership includes “hundreds of workouts” through an app and can track body composition and sleep patterns, according to the company’s website. Amazon is selling a Halo View band that works with the fitness service.
Peloton is best known for its technology-infused exercise bikes, but it also offers subscriptions to workout programs. It sells a connected fitness subscription for access to classes through its products and a broader digital offering with a variety of workouts like strength training and yoga, according to a filing. In the fiscal year ended June 30, subscription revenue accounted for about 22% of total sales, data compiled by Bloomberg show.
Earlier this month, Peloton fell after Apple touted updates to its Fitness+ service during an event.
MacDailyNews Take: Peloton is getting hit from all angles. And, unsurprisingly, we’re sticking with Apple’s rather excellent Apple Fitness+ that’s already part of our Apple One Premier membership.