The connected fitness market is quickly growing and ICON's streaming fitness service iFit recently raised $200 million to invest in technology, expand its content library, and reach more potential users.
"Where we are very distinctive in this exploding connected fitness marketplace is that iFit is interactive. iFit is interactive with equipment, with our trainers, with our workouts, and with our members," ICON Health and Fitness Vice President of Marketing Colleen Logan told Cheddar.
Logan says the iFit technology is so interactive that users will not have to "imagine" a workout destination — the streaming service will take you there. "We don't have you imagine you're climbing the mountain. What we do is actually take you to the mountain, so we take our crews and our mountaineers and we shoot the whole trek," Logan said.
The technology also allows users to feel the mountain. "Our technology actually controls the incline and decline of the treadmill so as you start out in the rainforest or as you make your way up the summit you're feeling the incline and decline as the exact topography," Logan said.
As the connected space continues to grow with competitors like Peleton, Logan says with new capital they now have the opportunity to take advantage of the connected fitness trend and offer a range of products.
"While a lot of people in the connected fitness space offer one product at one price point we have tremendous range because we don't think fitness should be a luxury," Logan said.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
