FitBit is in danger of becoming the next Blackberry

FitBit, a company that makes fitness-tracking bracelets, is one of the hottest consumer companies right now.

The company recently boosted the size of its initial public offering. President Barack Obama, actor Ryan Reynolds, and singer Britney Spears have all been spotted wearing its bracelets. And designer Tory Burch did a collaboration to make the fitness bands look more chic.

But while FitBit is a hot brand right now, it could very well become the next Blackberry, according to Leslie Picker at Bloomberg News.

"Like FitBit, BlackBerry was the established market leader with a ubiquitous gadget and a lower-priced alternative to Apple's shiny new iPhone," Picker writes.

FitBit already faces competition through the Apple Watch, which also tracks fitness.

FitBits start at around $80, while the Apple Watch costs a minimum of $725.

At its peak, Blackberry phones were ubiquitous and earned the nickname "Crackberry."

But Blackberry failed to keep up with the times and consumers ended up choosing the iPhone instead.

FitBit controls 85% of the fitness-tracking market right now, according to Bloomberg.

But to keep hold on customers, the company will have to use its IPO cash to invest in new technology.

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