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Sharp analysis Matthew! Other large(r) platform companies such as Google & Samsung will no doubt have similar fitness offerings as they continue to make investments in wearables. The "digital aggregator" segment is rapidly becoming commoditized through low cost of entry and being accelerated by the pandemic. Name one fitness brand that isn't creating an app based digital experience tied to a subscription.

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Exactly! I suspect that these aggregators will look a lot more like the OTT market: winners will subsidize their offerings with more profitable business models (e.g, hardware for Apple, search for Google, etc.)

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