Peloton, the maker of internet-connected fitness equipment, is hiking its prices as part of a product relaunch.
The company on Wednesday announced an increase to its “All-Access Membership,” which will rise from $44 to $49.99 per month. An App+ Membership will rise from $24 to $28.99 per month. App One will rise from $12.99 to $15.99 per month.
The last time Peloton hiked the cost of a monthly membership was in 2022, when it raised prices 13% to $44 in the U.S. At the time, it had also cut the price of equipment in hopes that more consumers would buy its products.
The once-hot tech company faltered after the pandemic, when demand for at-home workouts waned as the world reopened. A series of leadership reshuffles and layoffs failed to revitalized the brand.
In its announcement on Wednesday, the company also said it is revamping its product line and hopping on the artificial intelligence bandwagon with new versions of its Bike and Bike+, Tread and Tread+, as well as a new rowing machine, along with updates to its software and coaching programs.
As part of its refresh, Peloton introduced Peloton IQ, an AI-powered platform that gives members personalized workout guidance.
“This is the start of a new chapter for Peloton,” Peloton CEO Peter Stern said in a statement. “We’re doubling the value of our hardware with the Cross Training Series by delivering world-class cardio and strength in a single machine. With Peloton IQ, we’re introducing a new level of intelligent personalization to become the ultimate partner in our members’ wellness journeys.”
A new swivel screen on each piece of hardware lets Peloton users toggle between cardio, strength training, yoga and meditation workouts, the company said.
Here’s how much more Peloton equipment will cost:
- Bike will rise from $1,445 to $1,695
- Bike+ will rise from $2,495 to $2,695
- Tread will rise from $2,995 to $3,295
- Tread+ will rise from $5,995 to $6,695
- Row+ will replace the Row, priced at $3,295, and will cost $3,495
For its fiscal year ending June 30, Peloton had nearly 2.8 million paid subscribers, down from nearly 3 million in the year-ago period, according to a regulatory filing.
The company in August reported a fiscal-year net loss of $118.9 million on revenue of $2.5 billion, compared with a loss of $551.9 million on revenue of $991.7 million for the previous year.
That same month, Peloton announced that it would cut 6% of its global workforce in a move to reduce, according to Reuters. The company’s stock, which in 2021 topped $170, traded Wednesday for $8.17, down 9% on the day.
