Peloton is testing a new rental model, marking the fitness company's first significant strategy change under newly installed CEO Barry McCarthy.
, marking the fitness company's first significant strategy change under newly installed CEO Barry McCarthy.
Beginning Friday, some Peloton stores in Texas, Florida, Minnesota and Colorado will offer customers a rental package covering both a bike and access to its streaming service for one monthly fee. Prices will range between US$60 and US$100 a month and customers can cancel anytime and return the bike without charge.
The new plan is drastically different from Peloton's current business model, which requires customers to purchase a US$1,495 bike and pay a $39 monthly fee to access its workout classes. "There is no value in sitting around negotiating what the outcome will be," McCarthy said. "Let's get in the market and let the customer tell us what works."
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