Google acquires Fitbit – The Deal
Google has recently acquired Fitbit, after showing an interest in doing so from a long time. It is interesting to know that Google paid less to acquire YouTube(2006) & lesser to buy Android operating system in the year 2005.
The step is considered beneficial for both, Google and Fitbit, as people will get to experience a better quality fitness tracker. Many of the fitness bands are now seeing this step as the biggest competition for their market.
“We understand this is a big responsibility and we work hard to protect your information, put you in control and give you transparency about your data.” – ALPHABET subsidiary of google
“We believe that technology is at it’s best when it can fade into the background, assisting you, throughout your day whenever you need it.” – Rick Osterloh, Google’s senior vice president of devices and services
STATISTICS – What Numbers have to Say?
- Google’s parent company Alphabet recently announced that it will acquire Fitbit at $2.1 billion
- Google has already spent $40 million in past to buy some unlisted smartwatch technology from Fossil(something that Fossil got from Misfit in 2015)
- It is estimated that revenue from the smartwatch sales industry will double to $34 billion by 2023
- In 2017, Google purchased portions of smartphone maker HTC for $1.1 billion, head start to the production of its Pixel smartphones.
DESCRIPTION – Let’s take a Deep Dive
Google made an announcement earlier this year that it is thinking of buying Fitbit, and now it has finally acquired it. A threat is seen by many of the competitors now, as people will have a much better option available to them. James Park & Eric Friedman founded Fitbit, Inc. It is an American company headquartered in San Francisco, California.
From a long time, Fitbit was not seeing a good time as the competition increased too much in the field of health trackers or fitness bands. It was started with a bang and was the topmost leader in the market of healthcare trackers.
But from a long time, it didn’t see a good buying market. Google will now provide the operating system to Fitbit and hence, there is growing curiosity among the customers about this Dual-Giant upcoming product. There are already many competitors like Apple watches, Samsung watches, etc., in the market and hence a combination of Google and Fitbit can be seen as the perfect combination.
Pros & Cons
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The acquisition showcases Google’s urge to enter into new vertical, Android-Integrated wearable devices.
Also, good hope and fortune for Fitbit can be seen, after being associated with the brand like Google. Finally, every brand has realized that consumer is the real king.
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