Sure, they have the watch, which measures your heart rate. But they’re leaving the majority of the possible device space to others, such as Peloton, WHOOP, and Eight Sleep. Apple doesn't want to go down the path of making health-related hardware devices. These have high fixed R&D and manufacturing costs to make them, and each device tends to only f... See more

"Peloton’s quest to become the Apple of fitness hamstrung the brand. Forgoing vertical integration, new content/software/hardware bundles are emerging. Whether Peloton pursues FaaS or not, open ecosystems will continue to gain traction."

Apple owns the affluent. For the most part, the affluent demographic strongly correlates to using Macs, iPhones, Apple Watches & AirPods. And Apple takes 30% of the topline revenues from any business that wants to build things that work on its devices.