Peloton Plans A Cheaper Version Of Its $2,000 Bike

TOPLINE

Peloton CEO John Foley said the fitness giant is looking to release a less-expensive exercise bike after sales jumped over the past few months amid a boom in at-home exercise with people confined to their homes due to the coronavirus pandemic.

KEY FACTS

CRUCIAL QUOTE

“If you can get to [$20] a month per person, you’re starting to get below Planet Fitness-style, low-end gym chain affordability. We think that that’s a pretty big opportunity for Peloton,” Foley told TIME. 

KEY BACKGROUND

Peloton is just one brand with soaring sales as gym goers are forced to stay home. The Mirror, a luxury at-home fitness system that goes for nearly $1,500, has reported “explosive demand” since the pandemic hit the U.S. CEO Brynn Putnam told the New York Times that exercising on the app increased fivefold during the outbreak’s early days. Obé, a home fitness company that offers live workouts, said they have ten times as many members now as they did before the pandemic. Viewership has increased for online fitness influencers like Yoga With Adriene. 

FURTHER READING

Peloton CEO John Foley Talks Cheaper Bikes and Making the Most of Staying Home (TIME)

Peloton confirms plans to offer a cheaper version of its $2,000 bike as it pushes to dominate the at-home fitness market (Business Insider)

In Coronavirus Panic, Gym-Goers Turn To At-Home Exercise Systems (Forbes)