Peloton Debuts AI-Powered Trainer and Higher Prices
Peloton debuted an artificial intelligence-focused overhaul of its product lineup along with some price hikes.
The fitness company introduced five new models, according to a Wednesday (Oct. 1) press release. Among them are a lower-cost base model and more expensive “plus” iterations of its bike and treadmill, along with a new rowing machine.
With these “plus” machines comes a new feature dubbed “Peloton IQ,” an AI-assisted feature that serves as a personal trainer, providing feedback on the user’s form, as well as suggestions about workout plans, the release said.
“This is the start of a new chapter for Peloton,” Peloton CEO Peter Stern said in the release. “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. This is more than an upgrade; it’s a relaunch.”
With the relaunch comes higher prices. The Peloton Bike now costs $1,695 (a $150 increase), and the Bike+ costs $2,695 (up $200), Bloomberg reported Wednesday. The base model of the treadmill has also increased by $300, to $3,295, while the cost of the Tread+ has jumped $700 to $6,695.
The Row+ costs $3,495, up $200 from $3,295 for the prior non-Plus model. In addition, Peloton has raised its monthly membership price from $44 to $49.99, the report said.
The changes can provide a boost to Peloton, whose stock has lost 90% of its value since its COVID-era heyday, CNN reported Wednesday.
“We look favorably upon efforts on the part of new senior leadership at Peloton to reinvigorate the brand and cater to a wider array of target consumers,” said Brian Nagel, senior equity research analyst at Oppenheimer, per the report.
Although “risks remain” for the company, he said, according to the report, “we very much believe that there exists a compelling lane within the health and fitness space for a better-run, better-capitalized Peloton to ultimately succeed.”
The announcement followed a report from August that the company was preparing to debut an AI-powered version of its platform along with updated equipment.
A week earlier, Stern said during an earnings call that Peloton would “employ advanced technologies like AI to enhance our ability to serve as personalized coaches.”
For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
The post Peloton Debuts AI-Powered Trainer and Higher Prices appeared first on PYMNTS.com.