Peloton is known as a high-end home exercise brand, which has demonstrated significant customer loyalty, while also contributing a bizarre cultural moment late last year thanks to its viral “Peloton wife” commercial.
Now, the company has announced a pair of new products.
Bloomberg News reported last week that Peloton was getting ready to launch a new high-end bike, while cutting the price of its existing bike, while also launching a new treadmill. The goal, per the report, was to “stoke demand as many gyms remain closed.”
In a blog post Monday, Peloton made the launches official. The treadmill is called the Tread, while the new bike is the Bike+.
The Bike+, Peloton said, features many hardware and software features that have been requested in the past by Peloton users. These include a 23.8” rotating HD touchscreen, a high-fidelity four-speaker sound system, integration with Apple Gym Kit and more.
The new Bike+ is priced at $2,495, while the original Bike has had its price dropped to an all-time low of $1,895. A trade-in option is available for those with the older Bike, but only for those in working condition. There is also a Recent Purchase Refund available.
The new treadmill also features a 23.8” HD touchscreen, and no front shroud. It retails at $2,495, and will be available in early 2021. The original tread, now called Tread+, will continue to cost $4,295.
Yes, the new Bike is called the Bike+, while the older Tread is the Tread+; the “+,” in both cases, indicates the more expensive option.
“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.
“To grow our Peloton family even bigger, we’re excited to announce we’re adding two new products to our lineup, along with some fun class types offering different ways to combine cardio and strength training. Peloton offers all of our Members the best workout experience for a better value than you might realize, and we can’t wait for you to join our family.”
The pandemic appeared to be good for Peloton’s bottom line, as people eager for exercise looked for alternatives with most gyms closed. In May earnings, per CNBC, Peloton reported that its sales had surged 66% over the same time the year before, with $524.6 million.
The company’s stock jumped by about 9% on the day, as of Tuesday morning.
Bloomberg had reported this summer that Apple, in an effort to compete with Peloton, was working on a subscription to virtual fitness classes.
Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic, who is also a contributor to Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.