Where there’s a startup that’s gone public in a big IPO, there’ll be fledgling rivals hoping to follow the same path and compete with it. Such is the case with fitness firm Peloton.
One of its latest rivals is called Apex Rides, with its own combination of a physical exercise bike, and digital workout classes available live or on-demand. The cost: £1,200 for the bike and a £30 monthly subscription for the accompanying service.
The interest from Music Ally’s perspective is that Apex Rides is already engaging in music licensing. It has signed a deal with B2B firm 7digital to use the latter’s “in-house licensing services to negotiate and finalise rights to millions of premium tracks”.
7digital will also be curating playlists for Apex Rides, and handling reporting to labels and publishers.
“We recognised from the start that music is an essential and powerful ingredient in the context of fitness and wellness, and we needed to make sure our instructors had the tools to give members the best overall user experience,” said co-founder Simon Cook.
The news came as Peloton unveiled its latest products: a more expensive Peloton Bike+ ($2,495, with the existing bike dropping to $1,895) and a cheaper Peloton Tread treadmill ($2,495, compared to the existing (but newly-rebranded) $4,295 Tread+.