Apple might be looking to purchase fitness company Peloton in 2024, according to a forecast from a hedge fund manager.
The annual forecast by Deepwater Asset Management claims that Apple is likely to buy Peloton in 2024. The move will give the Fitness+ service an upgrade as well as complement the equipment already on the Apple Watch. Apple will absorb the three million subscriber base and boost its $1.7 billion subscription revenue. Also, the move makes sense as the company continues to invest in wellness and health aspects.
Peloton was a likely buy in 2022 when it experienced financial difficulties and business model threats. However, the firm has improved on its prospects but the question remains as to why Apple would want to acquire it when the Cupertino-based company can focus on growing its Fitness+ service instead. Lastly, Deepwater Asset Management echoed the sentiment that generative AI will be integrated into Siri this year.