Fitness tech firm Peloton is still known as ‘the connected bike company’ to a lot of people, but it’s very keen to escape that branding box.
Yesterday it relaunched its service with a strong emphasis on people accessing its workouts without owning its hardware, including a free tier.
The relaunch includes three new ‘App Membership tiers’ for people who download Peloton’s app.
The free tier will offer a rotating selection of classes for no cost; Peloton App One will offer thousands of classes for $12.99 a month or $129 a year; and Peloton App+ unlocks everything for $24 a month or $240 a year.
Meanwhile, the company has revealed that more than half of the workouts people did in its last quarter were “not cycling related” – its reminder that its service is as much about yoga, meditation, strength training, walking and other activities.
There is also a new Peloton Gym strength-training mode as part of the relaunch.
The messaging around all this is understandably positive, but it’s very much part of Peloton’s efforts to pull itself out of a slump. Last quarter, its revenues were down 22% year-on-year, while its market cap has fallen from $49.27bn in January 2021 to just $2.57bn now.
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