As gyms and boutique fitness studios throughout much of the country remain closed to avoid becoming covid-19 hot spots, home workout equipment sales have skyrocketed. Peloton, maker of a popular connected bike and extremely expensive connected treadmill, has benefitted from the forced shift to home fitness. Now the company is reportedly preparing to launch new equipment—and slash prices on the old stuff—to give the people what they want.
Two new Peloton products—a more expensive bike and a cheaper treadmill--could launch as early as next week, according to a Bloomberg report citing “people familiar with the matter.”
The new bike, called Bike+, will cost more than the $2,245 current version, and offer an adjustable screen that will make it easier to do workouts off the bike. Peloton’s app, which is an additional $39 per month, offers a full lineup of non-cycling classes, but you have to use a tablet or phone to stream them. Peloton is also reportedly readying a cheaper treadmill that will cost less than $3,000—the current version, which will be renamed Tread+, is a whopping $4,295. The two will differ in construction as well as price. The cheaper model will be smaller and use a more traditional treadmill belt, while the high-end Tread+ uses a slat design (which I’ve tried and is extremely cool, but not $4,295 cool for me personally).
But personally, what I’m most excited about is the prospect of a price drop on the existing Peloton bike. Reportedly the current bike will cost $1,900, which is a little easier to swallow for a very good product that I have been planning to buy now that I no longer live in a building that provided the use of a Peloton as one of its amenities (in the Before Times, of course). If you, like me, have been waffling over whether to buy the bike because $2,245 is a lot of money!, the price drop could be the tipping point that makes you say: “Fuck it, Peloton, take my money.” I’ve actually done the math on this, and with the 2-year interest-free financing Peloton offers, the monthly cost for both the bike and the Peloton subscription is less than a gym membership for two people in Los Angeles or New York, where gyms are still closed.
Peloton is also reportedly adding new bootcamp bike classes to its subscription service. The current classes are already hard enough, so I’m sure the bootcamps will kill me if I decide to finally buy one of these things. But Peloton’s classes are what set it apart from other connected home gym products. I’ve tried working out with both Mirror and FightCamp, and I find Peloton’s instructors to be the most motivating—and the reason I would gravitate toward a connected bike rather than a dumb traditional stationary one.
Peloton is clearly looking to make its products more appealing to more people—for those who frequented Equinox pre-pandemic and those of us who, uh, hate to spend money. Don’t get me wrong: Peloton is still expensive as hell. But if you have the cash and you’re still stuck at home, investing in fitness isn’t the worst idea.