Why the CEO of $2.5 Billion Smart Ring Startup Oura Says Apple Won't Make Its Own Version There have been rumors that Apple is working on a smart ring, but Oura's CEO thinks it's just talk. Here's why.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Tom Hale is the chief executive of Oura, a $2.5 billion smart ring company.
- Hale said that Apple is unlikely to be a competitor to Oura and introduce a smart ring because doing so would cut into Apple Watch sales.
- Hale also said that it was difficult to enter the smart ring market.
There have been rumors that Apple is working on a smart ring, with research firm CCS Insight predicting an Apple Ring by 2026.
But Tom Hale, the CEO of Oura, the market leader in smart rings with a valuation of $2.5 billion, says an Apple Ring isn't likely to arrive—at all—because it may cut into sales of the Apple Watch.
"I think they [Apple] are unconvinced about the value of having a ring and a watch together and they're not interested in undercutting the Apple Watch as a business," Hale told CNBC in an interview on Tuesday.
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Samsung, an Apple competitor with a smartwatch line, introduced a smart ring in July, the Galaxy Ring. It has a higher starting cost ($399) than the Oura Ring ($299, plus a $5.99 monthly subscription) but no subscription.
Hale said that Apple isn't going to be following Samsung's example.
Oura CEO Tom Hale. Photo by Horacio Villalobos Corbis/Getty Images
"I think [Apple is] probably keeping a close eye on Samsung and a close eye on us, but it's hard to do this product category right," Hale added.
Smart rings are an alternative to smartwatches and other wearables that can track sleep, heart rate, and other biometrics. Hale said Oura stood out from competitors like Apple in accuracy.
The finger is the "most accurate location for tracking your biometrics," Hale said. He called smartwatches that measure the same elements at the wrist "less accurate" and said that the Oura can predict if users will be sick three days in advance.
"It feels like magic," he said.
Oura Ring. Credit: Business Wire
A study released in October by researchers from Brigham and Women's Hospital measured the sleep accuracy of the Oura Ring compared to the Apple Watch and Fitbit Sense. The researchers found that the Oura Ring was the most accurate sleep tracker.
Apple has the biggest grip on the smartwatch market compared to companies like Samsung and Fitbit, with nearly 20% of the global market in the second quarter of 2024.
Oura is the largest player in the smart ring market, with 52% of the market and over 2.5 million rings sold since it was founded in 2013. The company released a new generation of smart rings last month.
