Peloton is rebranding itself arsenic a high-end wellness app aft seeing a continued driblet successful subscribers. The company, which sells luxury workout bikes pinch an accompanying workout people subscription, is transitioning to attraction connected offering inclusive wellness options.
Peloton Slashes Prices connected Bikes, Raises Subscription Fees
“With this marque relaunch we’re reflecting nan vibrancy and fullness of everything Peloton has to connection to everyone,” Chief Marketing Officer Leslie Berland said successful a press release. The institution is offering a caller tiered membership that starts astatine $12.99 per period and goes up to $24 per period and has accrued its number of free classes, boasting it is nan largest magnitude to beryllium offered since nan institution launched successful 2018.
Peloton is besides offering a caller Peloton gym characteristic that allows subscribers to prime nan type of people that tin beryllium done astatine their ain gait and is geared to their personalized spot people type to meet their needs.
The rebrand comes arsenic Peloton’s income maturation has slowed since the tallness of its fame successful 2020 during nan covid-19 pandemic erstwhile its stock value soared, multiplying by much than 5 times since nan erstwhile year, ABC News reported. The company’s income surged 232% successful November 2020, bringing successful $63.6 million, bringing its full income to $757.9 million. By nan extremity of that year, Peloton celebrated reaching its first $1 cardinal quarter.
The problem came successful 2021 erstwhile group began leaving their homes again, lessening nan request for at-home workouts, making nan institution truthful overstaffed location weren’t capable tasks to spell around. The consequent rise and autumn of Peloton meant nan institution laid disconnected astir 800 labor successful August of past twelvemonth and announced successful October that it was cutting different 500 jobs. It besides closed its North American distribution web and shifted its transportation to third-party providers.
A erstwhile Peloton technologist told CNBC successful February, “I deliberation each of america were drunk connected nan maturation that Covid brought, and nary 1 paused to opportunity like, hey, possibly this is simply a crippled of philharmonic chairs, and what happens erstwhile nan euphony stops?” They added, “Like, we can’t support expecting group conscionable to enactment wrong and not spell to nan gym.”
Peloton now seems to beryllium reasoning on those aforesaid lines pinch its “new marque personality and imaginative campaign” to attraction connected group of each ages, fittingness levels, and walks of life, saying it is committed to bringing fittingness to group everywhere. “We’re shifting perceptions from in-home to everywhere,” Berland said successful nan release, adding, “fitness enthusiasts to group astatine each levels, exclusivity to inclusivity crossed each Peloton members coming and future.”