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.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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