The Fitbit brand, which has been successful in the wearable device market for a while, has been experiencing financial difficulties for some time. Fitbit was finally successful in negotiating to sell its technologies to Google completely.
Fitbit had bought the Pebble initiative as it would be remembered, and planned to give a new direction to the market with more intelligent features. But things didn’t work out. Although sales go well in certain regions, there is a general problem.
In the second quarter of the year, the Fitbit brand grew by 18 percent, especially in the North American region, with a sales of 1.9 million bracelets and a market share of 24.1 percent. Although it is still on the rise in certain regions, it is far behind its competitors on the smart watch side.
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Many Chinese brands such as Xiaomi, TCL and Huawei have lowered the average price of moves and the fact that unnamed Chinese products have covered the shelves of Fitbit’s back. Ionic, Versa, such as large resources allocated to the smart watches remained below the expectations of 100-150 million dollars caused damage.
At the beginning of last month, Fitbit partnered with Qatalyst Partners investment company to sell its technologies to giant companies. Qatalyst’in talks with Google in particular, and was trying to persuade.
Finally, an agreement was reached and the Fitbit brand joined Google for $ 2.1 billion in advance. Fitbit already had a market value of $ 1.6 billion. In a sense Google has made the gesture.
Fitbit team, which is part of Google Wear OS, will develop smart watches for the company in the future. Google had released smart watches from time to time through its manufacturer partners. After that you will start to produce watches completely under your own brand.