John Foley, Founder and CEO of Peloton Interactive Inc.
Chris Goodney | Bloomberg | Getty Images
Peloton CEO John Foley said Tuesday that Apple’s launch of a fitness platform is a “legitimacy” of this type of content.
Foley’s remarks were made during the bike maker’s first ever investor meeting as a public company and coincided with Apple̵
Peloton shares rose slightly on the news and recently rose by approx. 4%.
“We only digest the message like everyone else,” Foley said. “The biggest thing I want to say is that it’s a fair legitimacy of fitness content, insofar as the largest company in the word, a $ 20 billion company, comes in and says that fitness content matters. It’s meaningful enough for Apple. ”
However, he said the Peloton differs from Apple with its high-tech spin bikes and treadmills, which Apple does not plan to offer customers.
“They do not get into it [hardware] category, “Foley said of Apple.” They just become the content. And we think the special sauce, the magic, is our connected platforms, and to train at home you need a stationary bike if you need to ride a bike, you need a treadmill if you need to ride. ”
Meanwhile, Peloton has outlined its plans to grow to 100 million subscribers. To get there, the company plans to expand outside the United States, launch new products and make its equipment affordable.
Peloton shares have risen more than 200% this year.