Photo courtesy of Peloton
Consumer fitness company Peloton is launching a slew of new features for its products. This comes just weeks after the company refused to recall its exercise treadmill despite pressures from consumer protection agencies after a number of injuries involving small children, including one death.
At Peloton's homecoming event, the company announced that its stationary bike and treadmills will now include a new feature that lets users tap into scenic routes via their screen. While Peloton is best-known for its workout classes, this feature lets users choose their virtual scenery and corresponding curated playlist.
The tool is able to help users set up a target distance and gives them new scenery until they meet their goal. Users are also able to opt for guided workouts while looking at new scenery.
Another new add-on feature is the Strive Score, which measures how much time a user spends in each heart rate zone. The new feature lets users connect their own compatible heart monitor, and the score will display on their screen when working out. The goal is to show folks how hard they are working during exercises and what their typical score looks like.
The fitness company is also rolling out a new version of Programs, a tool used to help consumers work toward their fitness goals. The Programs have fitness schedules, as well as a way to track fitness progress. Currently, the Programs include one for a strong core, another for running and one for yoga.
WHY IT MATTERS
Home fitness equipment is on the rise. According to a RunRepeat survey, 74% of Americans used at least one fitness app during the pandemic. Additionally, 40% said they exercised at home for the first time because of COVID-19.
Today, more and more gyms are opening back up, and companies like Peloton are looking to add features.
THE LARGER TREND
Peloton was one home-fitness company that boomed during the pandemic. During its most recent earnings call the workout giant announced that it beat its revenue expectation by more than $34 million.
Peloton went public in 2019 with shares priced at $29 apiece. Today the stock is priced at around $97. While that is more than triple the amount of the opening day, the company's stock has taken a substantial hit in the last few months. In January the stock was trading for $167 at one point.
The last few months have been a rocky road for the company. In April the U.S. Consumer Production Safety Commission issued a warning about the Peloton Tread+ after customers reported injuries among a number of small children, and one death.
Peloton shot back at the CPSC's warning, stating that the organization's release "is inaccurate and misleading." The company stressed that the product is only meant to be used by individuals over the age of 16.