Peloton is increasing its monthly subscription fee for on-demand fitness content for the first time in eight years while reducing prices across its Bike, Bike+ and Tread products.
Effective June 1, Peloton’s all-access subscription plan for U.S. members will increase to $44 per month, from $39. In Canada, the fee will go up to $55 per month from $49. Pricing for international members will remain unchanged, Peloton said. For consumers who do not own Peloton’s equipment, the cost of a digital-only membership will remain $12.99 a month.
In an online update, Peloton said, “We’re increasing the price of our all-access membership in North America after eight years without a price increase. During those eight years, we’ve made significant investments to improve the quality of the subscription experience. We’ve consistently added content, disciplines, music, instructors, and new features across three products: the Peloton Bike, Tread and Guide. Our members are also getting more out of their membership: monthly workouts per All-Access Membership more than tripled from 4.4 in October to December 2014 to 15.5 in October to December 2021.
There’s a cost to creating exceptional content and an engaging platform, and this price increase will help us continue to deliver for our members. So, starting June 1, 2022, we will be increasing the price of our monthly North America All-Access Membership fee from $39 to $44 in the U.S. and from $49 to $55 in Canada.”
Peloton wrote that international membership pricing is currently unchanged “as we are continuing to build out our library of content for our global audience.”
At the same time, Peloton is reducing the prices of its Bike to $1,445 from $1,745, Bike+ to $1,995 from $2,495, and Tread to $2,695 from $2,845. The cost for Bike and Bike+ includes a $250 shipping and set-up fee. The Tread cost includes a $350 shipping and set-up fee.
Peloton said, “We want more people to be able to afford our hardware. This is a strategic decision to play for scale and increase market share.”
The company added, “The price of hardware relative to the subscription is one of many levers by which we are looking to reduce barriers to entry.”
Peloton also said its pilot program in select U.S. markets, One Peloton Club, which enables members to rent a Peloton Bike, has expanded with Bike+ added to the program.
Peloton concluded in its update, “We have an unwavering commitment to deliver the best connected-fitness experience anytime, anywhere. The pricing changes we are announcing today are part of our new CEO Barry McCarthy’s vision to grow our community as we continue to deliver for our members and shareholders as the leading global connected fitness platform.”
Photo courtesy Peloton
