Peloton Expands Rental Program Nationwide
Platoon (NASDAQ: PTON) intends to expand its rental program nationwide, it announced Tuesday. The change comes just a day after the company revealed management updates, such as the exit of co-founder and former CEO John Foley as well as chief legal officer Hisao Kushi.
The rental program was introduced in test markets at physical Peloton stores in Texas, Florida, Minnesota and Colorado. Amid the monthly rental offer, members will have full access to Peloton’s live and on-demand course library, starting at $89 per month for the original Peloton bike. Additionally, there is a $150 setup fee and customers can also upgrade to the Bike+ for an additional $119 per month.
“As the global leader in the connected fitness space, we are committed to delivering convenient, engaging and motivating workout experiences to a wide range of consumers who want to be the best version of themselves at all times. anywhere,” said Dara Treseder, SVP of Peloton. , Global Head of Marketing, Communications and Membership. “Our expanded national rental program allows even the most value-conscious customers to fully immerse themselves in the Peloton experience.”
The changes aim to increase the accessibility of cycling and attract new users to Peloton’s subscriber base. Ultimately, they are part of CEO Barry McCarthy’s aggressive turnaround plan. McCarthy took office earlier this year after the company announced huge layoffs.
The American exercise equipment and media company fell about 14% on Tuesday morning.