Reports indicate that Fitbit Inc (NYSE:FIT) is making a smartwatch aimed at kids as the wearable devices company moves into new categories in a bid to revive its fortunes. According to sources the children’s smartwatch will be health-oriented. The sources further indicated that the initiative has been under consideration at Fitbit for a couple of months.
Though Fitbit did not disclose how the kid’s smartwatch would be different from the current products of the company, it is understood that the wearable devices firm could introduce location-tracking and games features. Additionally the smartwatch could have sugar level-tracking capabilities. Already Fitbit has entered a partnership with glucose-monitoring firm, Dexcom Inc, to introduce its technologies into Fitbit’s smartwatch.
Digital health business
The chief executive officer of Fitbit, James Park, has for years said that his goal is to turn the wearable devices firm into a solid digital health business. The last couple of years have seen the firm diversify by rolling out a new smartwatch, health apps and even smart bathroom scales. Eventually Park sees Fitbit becoming more of a software company than a hardware maker with an emphasis on applications that are capable of predicting users’ health outcomes.
Earlier this year Fitbit announced that it had made a $6 million investment in Sano, a firm working on the development of a skin patch for monitoring blood sugar levels.
“This fits into our strategy of looking beyond the device and thinking more about (health) solutions. I think the complete solution comes in the form of having some monitoring solution that is coupled with a display,” Park said in an interview with CNBC.
Fitbit recently indicated that the number of active users of its products grew to a figure of over 25 million last year. In 2017 Fitbit Charge 2 also emerged as the United States’ best-selling fitness tracker. At the moment Fitbit’s portfolio of products are available in 78 countries and in 46,000 retail outlets. According to the International Data Corporation the next four years will see the number of wearable devices shipped reaching over 222 million units.
On Tuesday shares of Fitbit Inc rose by 0.088% to close the day at $5.66 per day.