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- Peloton’s CEO says a cheaper bike is a priority to fuel continued growth.
While the future of group fitness remains cloudy, Peloton continues its push for industry dominance. The company’s sales jumped 66% in the third-quarter, and it now has more than 2.6 million members.
CEO John Foley said Peloton is focused on developing a lower-priced bike model. “If you can get to 20 bucks a month per person, you’re starting to get below Planet Fitness-style, low-end gym chain affordability, and we think that that’s a pretty big opportunity for Peloton,” Foley said. The current bike costs more than $2,000, or three years of $58 monthly payments.
While Peloton continues to surge, the boutique fitness industry remains at a crossroads. The International Health, Racquet and Sportsclub Association believes the U.S. fitness industry has lost $2.8 billion during the shutdown.