Apple (NASDAQ:AAPL) announced many new products at its launch event on Tuesday, including the eighth-generation iPad, a new iPad Air, and the Apple Watch Series 6. But to go along with these new hardware products, the company is launching a new subscription service called Apple Fitness+. It's slated to arrive later this year.

Apple Fitness+ will cost $9.99 per month or $79.99 per year. This pricing is similar to other popular at-home fitness solutions including Peloton Interactive (NASDAQ:PTON). Peloton has two subscription options: one for people who own Peloton hardware ($39 per month) and one for users of the Peloton App ($12.99 per month).

An iPhone plays a workout video while an Apple watch shows personal fitness data

Image source: Apple.

Apple Fitness+ may have advantages over the competition. Notably, the service is intended to integrate with features on the new Apple Watch. New features for the Watch include a blood oxygen monitor. During a user's workout, personal-fitness metrics will be displayed on the screen beside the exercise video content, providing simple monitoring during the routine.

According to the press release, Apple's exercise content will feature trainers who are "celebrated, charismatic, and passionate" which sounds a lot like Peloton's content strategy -- content the company is looking to leverage further. Peloton's new premium hardware products feature tilt screens, allowing users to transition to floor-based exercises not requiring the use of equipment. In its fiscal third quarter, management noted these exercises accounted for 30% of its connected-fitness users' exercises.

With Peloton's stylish equipment and business success thus far in 2020, many have suggested it would make a good buyout candidate for Apple. However, if today's announcement is any indication, it appears this mega-cap stock prefers to build its own Apple fitness empire rather than buying Peloton's.