Peloton has launched a total revamp of its offering, including new hardware and AI tools, as it attempts to turn around from its dramatic problems.
The online fitness company was founded in 2012 but became world famous in 2020, when the pandemic and its lockdowns meant that many moved to cycle indoors. Its online spin classes and internet-enabled bikes became hugely popular and its share price rocketed amid an interest in home fitness.
But at the end of 2021, its share price crashed as the world opened back up. It was also hit by a range of controversies, including a widely mocked ad and a TV storyline that saw a character die while using the company’s bike.
Peloton’s share price is now down 92 per cent over the last five years, and is even 68 per cent down from its price when it went public towards the end of 2019. During that time it has appointed a new chief executive and a number of attempts to turn its fortunes around with new product launches and strategy changes.
Now, it says that it is unveiling a “complete portfolio overhaul” as well as embracing artificial intelligence and offering more different kinds of training content.
Those changes include new versions of all of its products – three different kinds of bikes, a treadmill and a rowing machine – as well as more wellness content such as breathing exercises.
The company will also add artificial intelligence in the form of a system called “Peloton IQ”. That uses AI and computer vision to correct people’s form as they undertake exercises, for instance, as well as offering personalised training plans.
At the same time, it said that it would increase the price of its subscriptions. Its full membership which is required for all of its hardware will go from £39 to £45, and access to its app will rise from £24 to £29.
