It's no secret that Peloton Interactive (NASDAQ:PTON) has been one of the big winners from the lockdowns and the emerging stay-at-home economy. The maker of interactive fitness products and virtual exercise classes has seen its stock soar 130% so far in 2020, as consumers seek healthier lifestyles and additional exercise during the pandemic.
Now it appears Apple (NASDAQ:AAPL) wants a piece of the action.
Imitation is the sincerest form of flattery
Apple is reportedly working to offer virtual fitness workshops that would put it in direct competition with online classes offered by Peloton and Nike's (NYSE:NKE) partner ClassPass, according to a report by Bloomberg. The effort, code-named Seymour, would offer a variety of workout classes that could include aerobics, yoga, calisthenics, or even kettlebells, but wouldn't require expensive web-connected fitness equipment.
The company would reach the Apple faithful via an app that could be available via the iPhone, iPad, or Apple TV, giving multiple venues to participate in an exercise regimen.
A growing interest in fitness and healthcare
Such a move would be a boost to Apple's aspirations in healthcare, an area of keen interest to the iPhone maker over the past couple of years. The Apple Watch has continued to add health-related features, including a heart rate monitor and the ability to detect atrial fibrillation (AFib), a dangerous condition that causes an irregular and often chaotic rapid heart rate.
In late 2018, Apple assembled the biggest heart study ever, attracting more than 419,000 participants, and early last year reached a landmark deal with the U.S. Department of Veterans Affairs to make its health records feature on the iPhone available to vets.
Workout classes could be Apple's next big move into the field of fitness and healthcare.