CNN Business  — 

Apple’s new subscription fitness service officially has a launch date.

Apple said Tuesday that Fitness+, which offers on-demand video workouts, will launch on December 14. Peloton, which offers a similar service as well as pricey cycling bikes and treadmills, saw shares fall about 2% in early trading Tuesday following the announcement.

Apple (AAPL) first announced Fitness+ in September, and said it would be compatible with the metrics tracked by the Apple (AAPL) Watch. It costs $9.99 per month, or $79.99 for the year.

Apple’s fitness program features a variety of workout videos – from yoga and dance to strength training – that can be accessed from an iPad, iPhone or Apple TV. Many of the classes, which feature Apple Music, won’t require any equipment, and new videos will be added each week. Apple emphasized that its workout offerings will include options for people of all abilities, including those just starting out.

Peloton (PTON) offers a similar membership for $12.99 per month with on-demand and livestreamed classes, including yoga, running and cycling. Its all-access membership costs $39 a month and requires Peloton (PTON) hardware, such as its bike.

In September, Peloton CEO John Foley said Apple’s fitness announcement is a “legitimization” of this type of content, according to CNBC.

“The biggest thing I will say is it’s quite a legitimization of fitness content, to the extent the biggest company in the word, a $2 trillion company, is coming in and saying fitness content matters. It’s meaningful enough for Apple,” Foley said. He noted that Peloton differentiates itself with its high-tech bikes and treadmills, while Apple isn’t planning any competing fitness hardware.

Apple’s fitness subscription is the latest offering in its growing services business, which the company has bet on to grow revenue amid weaker iPhone sales. It also comes as consumers increasingly turn to digital fitness services due to the Covid-19 pandemic.

Health and fitness have been a focus for the Apple Watch since it launched, with new features including blood oxygen monitoring, the ECG app, high heart rate notifications, fall detection and menstrual cycle tracking.