After spending years encouraging customers to bike and run, Peloton now wants you to paddle.
The fitness maker said on Tuesday it will launch its first rowing machine, the Peloton Row, as it navigates a challenging period fueled by renewed consumer interest in getting back into the gym.
The Row offers the same benefits as its line of home bikes and treadmills, with a touch screen that provides access to countless rowing exercises.
“It’s about this engaging, efficient training in a really convenient location that we make light-hearted and liven it up with amazing instructors and community value,” Tom Cortese, Peloton’s co-founder and chief product officer, told USA TODAY. during an interview.
Peloton said pre-orders are available Tuesday, starting at $3,195. The rowing machine will launch this December. Customers must also purchase an All-Access monthly membership for $44 to get the proper workouts.
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The Row will feature a form assist as well as form ratings to measure how users progress and improve. There’s also a 24-inch HD screen that rotates to switch between the rowing machine and floor workouts, as well as new content and instructors for rowing exercises.
Peloton gained popularity during the height of the pandemic, as many fitness fans who couldn’t get to gyms due to restrictions bought equipment to use at home.
That included Peloton, which saw sales growth double in 2020 as more consumers jumped on bikes and treadmills at home.
As pandemic restrictions ease, more people are heading back to the gym, which means fewer people are buying home fitness equipment. One of Peloton’s big mistakes was believing that higher demand for its products would stick around longer, which pushed them to produce more equipment, said Shweta Khajuria, an analyst at Evercore ISI.
“Anyone who wanted to buy Peloton gear had probably already bought some, and they had this massive inventory problem,” Khajuria said.
Last month, Peloton said it was cutting jobs and significantly reducing the number of its North American stores.
Meanwhile, Peloton has taken several steps to bring more fitness equipment into consumers’ homes. Last month, the company said it would start selling its gear and clothing on Amazon. Last week, Peloton said it was expanding its Peloton One rental program nationwide. The service allows customers to purchase a bike and class membership for a monthly fee. They can cancel at any time and return the equipment if they wish.
Also working in Peloton’s favor are “industry-high” retention rates for its subscription services. “You don’t see a consumer product that has such high levels of retention rates,” Khajuria said.
When asked about changes in consumer behavior heading back to the gym, Cortese noted that Peloton was “growing tremendously” in the years leading up to the pandemic.
“We were on the front lines of the pandemic, taking some of the wallet and some of the time from gyms, from other streaming platforms, and we still believe that it remains our opportunity because we offer such an engaging training experience,” Cortese said.
Contributing: The Associated Press
Follow Brett Molina on Twitter: @brettmolina23.
