With the revolving world of health and wellness seeming to spin ever-faster these days, many are quick to project trends as virtual certainties in the fitness industry. There is no doubt that home fitness is trending these days. However, some are beginning to wonder: is technology moving faster than market behavior? That answer may not be as simple as yes or no, but recent news of Peloton’s struggling stock could serve as a harbinger of pending affirmation.
Time will tell when it comes to the bigger picture. Still, in more immediate terms, the company famous for its state-of-the-art stationary bikes appears to be dropping its prices with turn of the new year, according to an article this week from Bloomberg. Story authors Julie Verhage and Mark Gurman detailed the news, writing:
Peloton Interactive Inc., the unprofitable fitness company whose stock has been skidding, plans to introduce two new pieces of workout equipment next year in a further expansion beyond cycling.
The company is working on a new treadmill that will cost less than the current $4,000 model, as well as a rowing machine, according to people familiar with their development. Peloton has also explored apps for Amazon.com Inc.’s Fire TV and the Apple Watch to complement its smartphone software, though the status of those projects is unclear, said one of the people, who asked not to be identified because they weren’t authorized to discuss the information publicly.
The new pieces of hardware will likely be the first introductions for the company in at least two years, when the original treadmill debuted. But people familiar with the plans said the release timing could change. Peloton’s stock jumped as much as 9% in intraday trading on the news.
Jessica Kleiman, a spokeswoman for Peloton, declined to comment on products in development. “Our R&D team is always working on ideas,” she wrote in an email.
It remains to be seen whether or not this shift toward in-home fitness will prove indefinite or fleeting. For the moment, individual consumers and gyms alike can look forward to more affordable products from Peloton in 2020.
To read Verhage and Gurman’s full writeup, click here.