Peloton plans to start offering its bike and fitness programming subscription for a single monthly fee, the company said Thursday. Peloton previously sold its exercise bikes and programming separately.
The company is using a pilot program to explore “various pricing models and options for new members” as it “sets course for the next phase of its evolution and growth,” a Peloton spokesperson told CNET.
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The new package will be tested in four cities in the US for a limited time and cost $60 to $100, according to The Wall Street Journal, which earlier reported the news. The bundle can be canceled at any time, which could entice new customers hesitant to purchase a bike outright, the Journal reported. Peloton’s cheapest bike, excluding delivery, is $1,495. Its programming subscription is $39 month.
For a substantial part of the COVID-19 pandemic, Peloton’s bike and treadmill sales boomed. But sales have slumped in the later stages of the pandemic, and Peloton is in the midst of corporate upheaval and uncertainty. In February, Peloton laid off 2,800 employees and changed CEOs. At the same time, there was reported interest in selling the company.
New Peloton CEO Barry McCarthy said he’s been given time to turn the company around before the board considers selling it, the Journal reported. Beyond testing the subscription model, he said the company will focus less on equipment and more on its software.
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