High-tech fitness company Peloton will reportedly release a cheaper treadmill and a rowing machine in 2020
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The buzzy fitness equipment startup Peloton, known for its internet-connected exercise bikes and treadmills, may finally have some good news this year after its IPO didn't go quite to expectations.
Peloton will reportedly release two new pieces of fitness equipment next year, according to Bloomberg, including a new cheaper treadmill, and a rowing machine. Peloton is also exploring options to link its smartphone software to Amazon's Fire TV and the Apple Watch, per the report.Peloton brands itself as more than just a fitness equipment company; it thinks of itself as a media and technology platform as well. In its filing to go public, Peloton said it has more than 500,000 paying subscribers, many of whom were willing to purchase the company's pricey $2,000 stationary bike or $4,000 treadmill, and then cough up between $19.49 and $39 per month to access its fitness classes.
A cheaper treadmill, a rowing machine, and apps for Amazon Fire and the Apple Watch may signal a new phase of expansion for the company. But Peloton hasn't confirmed any plans yet."While our R&D team is always working on ideas, we have no new products to announce on either the software or hardware side," a company spokeswoman told Reuters. The company did not immediately respond to a request for comment.
But the company has prioritized expansion over profits, and regularly posted net losses since its 2012 founding. When Peloton said its losses had quadrupled for the fiscal year 2019, to a $245.7 million net loss ahead of its IPO, it prompted some alarm among investors.
Expanding its user base with new hardware, new apps, and a cheaper price point could help tip the scales back a little bit.
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