Peloton, the fitness company best known for its connected stationary bikes, has just added the second generation of its bike and a lower priced version of its connected treadmill.
Peloton Bike +, which is at a higher price point than the original, has additional software developed to guide users through yoga, stretching, meditation, and the more traditional spin classes.
The bike, which costs users just under $2,500, includes a connected touch screen, where users can choose a workout, as well as four speakers. Users can also opt into the “auto-follow” feature that can adjust bike resistance based on previously developed workout targets.
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The new treadmill, is cheaper than the previous version, which has now been renamed the Treadmill +, but also includes a touch screen with speakers. The company is pitching this new treadmill as a way to increase access to a larger base of customers.
WHY IT MATTERS
The coronavirus has create a ripe market for at-home workout equipment. With gyms closed for months on end, many are looking for alternatives. These new launches also offer more varied price points for Peloton devices. However, the lower priced bike is still $1,895, and the cheaper treadmill is $2,495.
“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,” John Foley, Peloton’s CEO and cofounder, said in a statement.
THE LARGER TREND
Peloton went public a year ago offering just under $30 a share at opening. Today its per-share price has skyrocketed to close to $90. Since the start of the global pandemic the company’s revenue seems to be on the rise. In Q3 it reported a 66% YoY revenue increase.
Peloton has not been without its competitors. Earlier this year the company secured a settlement in a case against Flywheel, with the latter company admitting to patent infringement. As part of the deal Flywheel shut down its at-home classes.