Peloton launching cheaper treadmill, cutting bike price: report
Peloton is reportedly gearing up to peddle a more accessibly priced treadmill and cut the cost of its stationary bike.
The home fitness company known for its bikes and treadmills that allow users to stream workouts from the comfort of their own living rooms is cutting the prices of its equipment, Bloomberg reported, as demand continues to surge amid gyms running on limited capacity during the coronavirus pandemic.
The fitness company’s new treadmill, dubbed Tread, will reportedly be smaller and will be priced under $3,000 -- around $1,295 cheaper than the current treadmill, which costs $4,295 and will be renamed “Tread+” and sold as a higher-end version, sources told Bloomberg.
A new Peloton bike will be marketed as a premium offering called Bike+ and will reportedly cost more than the current stationary bike, which is $2,245, sources told Bloomberg. Peloton will then also reportedly drop the price of its current bike model to under $1,900.
The new launches could go on sale next week, sources told Bloomberg. Peloton did not immediately return a FOX Business request for comment.
The New York-based home fitness equipment company, which attaches screens to its bikes and treadmills that let users stream live workouts on demand, went public in June 2019. For those who can’t afford to drop thousands of dollars on the fitness equipment, the company also has its namesake app with live bodyweight workouts like High-Intensity Interval training, cardio and yoga available for $12.99 a month. The fitness company’s app is also available on digital media player service Roku.
The at-home fitness market has skyrocketed as a result of stay-at-home orders in place earlier this year during the pandemic. As a result, Peloton products have been backlogged, with some consumers waiting until fall or later to get bikes delivered. In May, Peloton reported a 66% increase in sales during the first three months of 2020.
PELOTON SEES STRONG INCREASE IN SALES DURING CORONAVIRUS
SoulCycle debuted its own at-home stationary bike in March, costing $2,500 plus a $40-a-month subscription, at the height of the pandemic, as in-person studios closed. And earlier this year Tonal, which has been called the Peloton of weightlifting, debuted as an alternative to dumbbells, with on-demand and live weightlifting and a variety of other workouts.
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A number of gym chains have struggled with nationwide closures. Gold’s Gym filed for bankruptcy protection in May. And the owner of the New York Sports Club in April weighed a Chapter 11 bankruptcy filing as 95 percent of the company's gyms across the country closed to curb the spread of coronavirus, according to a report by Bloomberg Law.
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