Thursday December 7, 2023

One Wild Day for Peloton

Peloton/Design: Alex Brooks
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Let’s talk work benefits: How does a Peloton membership sound?

The fitness company announced Tuesday that it is rolling out a new corporate wellness program for businesses. The membership program will provide “employees access to innovative mental and physical resources,” including the Peloton app and discounts on Peloton hardware.

Samsung and Wayfair are among the first companies to sign up for the program, gaining access to tailored features like group exercises.

On Tuesday, the company also announced it would suspend its “Just Run” service to its Tread+ customers unless users signed up for the $39.99 Peloton membership. Complaints surfaced, as the Tread+ retails for more than $4,000. The same day, Peloton unveiled plans for an armband heart-rate monitor.

Peloton has 900,000 current app subscribers. The wellness program is one way the company plans to reach new consumers as it bounces back from a string of misfires.

  • Orders were delayed for months, though Peloton announced plans to build a $400 million U.S. factory, invested more than $100 million in air and ocean freight, and acquired fitness equipment provider Precor for $420 million.
  • The company was sued by Dish for using its patented technology.
  • Peloton recalled its Tread and Tread+ treadmills over safety concerns after multiple injuries were reported, including the death of a 6-year-old.

Despite the setbacks, Peloton’s sales rose 141% in Q3, bringing revenue to $1.26 billion.

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