Peloton opened preorders in the United States for its new $3,195 rowing machine. The move marks the latest portfolio expansion by the exercise equipment and media company.
A new product may help Peloton achieve its goal of breakeven cash flow on a quarterly basis in the second half of fiscal 2023 and help the company’s stock. Shares are down more than 70% year to date.
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The Peloton Row will deliver highly-personalized workouts that will allow members to tailor each routine to their specific abilities, needs and fitness goals. According to Peloton, rowing is known for being an efficient, low-impact exercise, working 86% of muscles in as little as 15 minutes.
“Peloton Row will introduce more people to this incredibly efficient and effective discipline and keep them motivated no matter where they are on their fitness journey,” said co-founder and chief product officer Tom Cortese said in a statement.
Deliveries are expected to begin in December.
The Peloton Row offers form assist to give members real-time corrections to spot areas of improvement during a class or Just Row session and personal pace targets to help members gauge how much intensity is needed at every interval to stay on track with instructors. Additionally, members will be given a Form Rating and Insights dashboard after class that provides a breakdown of their performance and progress.
Other features include a 24-inch high definition (HD) swivel screen, electronically-controlled resistance for workouts that won’t disrupt the household and vertical stowability.
Expert instructors Matt Wilpers and Adrian Williams, along with new instructors Ash Pryor, Alex Karwoski and Katie Wang, will lead new class formats such as Instructed Row and Row Bootcamp with Guided Scenic and Live classes coming early next year.
The company’s All-Access membership, which is required to access Peloton Row content for $44 per month, allows members to create accounts for the entire household. Existing All-Access Members can access content on the Peloton Row at no additional cost.
The introduction of the Peloton Row comes after the company recently expanded its national rental program, which gives members the ability to rent a Bike or Bike+ from just $89 per month, including the cost of an All-Access Membership and access to the company’s entire library of live and on-demand classes.
Peloton recently raised the price of its Bike+ and Tread products as part of a broader $800 million restructuring plan. The restructuring has also included employee layoffs and plans to significantly reduce its North American retail footprint and eliminate its final mile distribution network.
Pelton has faced headwinds this year as its users began returning to gyms or resuming other pre-pandemic fitness activities.
Last month, the company reported a fiscal fourth quarter operating loss of $1.2 billion, $415 million of which were related to restructuring charges.
The company also outsourced roughly half of its member support resources and completely shifted to third party providers for last mile delivery in the U.S.
Peloton also announced that it would partner with Amazon to sell its equipment, clothing and accessories.
Additionally, Peloton said co-founders John Foley and Hisao Kushi are leaving the company, along with Chief Commercial Officer Kevin Cornils.