Peloton is undergoing a significant rebrand, dumping its identity as a seller of luxury exercise bikes and equipment to heath technology for all.
"We’re shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton members present and future,” Chief Marketing Officer Leslie Berland said in a written statement Tuesday.
The company rolled out new pricing for tiered membership that ranges from $12.99 to $24 per month, and said that its app now offers the largest number of free classes since its launch in June 2018.
CEO Barry McCarthy replaced founder John Foley just over a year ago to right a business that has had numerous stumbles, from marketing missteps to recalls. He has made a hard push to shift the company's focus from high-priced hardware, to software and a fee-based app.
In October the company announced it was cutting about 500 jobs on top of the nearly 800 layoffs it made in August. It also closed its North America distribution network and shift delivery work to third-party providers.
Peloton experienced incredible sales growth during the height of the coronavirus pandemic. The New York company’s share price multiplied by more than five times in 2020 amid lockdowns that made its pricey bikes and treadmills popular among customers who pay a monthly fee to participate in interactive workouts.
Sales began to slow in 2021 as vaccines allowed people to roam more freely from their homes, including visits to the gym.
Shares of Peloton Interactive Inc., down 46% this year, rose slightly Tuesday.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
