Peloton Introduces New Bike, Cheaper Treadmill Amid Other Changes

At-home fitness company Peloton announced a new bike for its product line called “Bike+” in a press release Tuesday.

The Bike+ features include: a nearly 24″ rotating HD touchscreen to allow for a better transition between bike and floor workouts; a four-speaker sound system; Apple Watch pairing to track health metrics; and an automatic touch-free feature that changes the Bike’s resistance based on a user’s goals.

Peloton is also introducing a new Bike Bootcamp class available for all members on Sept. 15. The company said that multiple fitness instructors will lead members through a total body workout on and off the new Bike+.

“When we launched Peloton, we knew we were onto something special. Now, eight years later, we have a passionate global community of 2.6 million Members, and we feel like we’re just getting started, in terms of how we can impact the health and well-being of people worldwide through our platform, content and products,” said John Foley, Peloton’s CEO and Co-founder. “Our goal is to be the go-to at-home fitness solution for as many people as possible, and with these new product launches, we’ll be able to offer access to Peloton’s best-in-class fitness content at various price points, depending on what consumers are looking for, especially in a world where people are increasingly working out at home.”

Along with the new product and workout, Peloton is reducing the price of its first Bike to $1,895 and its original treadmill to $2,495.

The seven-year-old company became increasingly popular during the coronavirus pandemic. Peloton has grown to more than 886,100 subscribers as people looked to home workout options with gyms closed.

Sales for Peloton reached $524.6 million at the end of March, a 66 percent increase year over year. Membership costs $39 per month and provides added features through Peloton’s app, with workouts with and without the company’s equipment.

The new Bike+ will retail at $2,495 and Tread + at $4,295. The Wall Street Journal reported that existing members can receive $700 trade-in credit for swapping their old Bike for a Bike+. Peloton also offers financing to buy their equipment.

At-home workout products could remain popular for consumers for the foreseeable future, as people continue to look for products to use at home — and bikes, for both leisure and exercise, remain in high demand during the pandemic.

“This shift in behavior since March likely results in longer-lasting structural changes to the fitness industry,” Telsey Advisory Group analyst Dana Telsey said. “Once COVID-19 is behind, we expect the high adoption rate of digital fitness to persist and consumers to return to in-person group fitness classes and gyms in lesser frequency than in the past.” 

Photo: press.onepeloton.com/#bike

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