I think this is really more of a people business than an ecosystem/technology one. Obviously there are benefits to being Apple, they might well give themselves

I think this is really more of a people business than an ecosystem/technology one. Obviously there are benefits to being Apple, they might well give themselves some private APIs so they have features nobody else does, I'm sure they'll use Activity Awards exclusive to Fitness+. But ultimately Peloton has a massive backlog of great classes by great instructors, and a continuous stream of the same. Apple have to replicate that to play in this space, and if they don't then it won't matter how clever they are tech-wise or how much their ecosystem makes it appealing.