Peloton has launched its Bike+, a new version of its at-home spin class equipment.
The update brings a range of features, including a screen that can swivel all the way around to allow people to take the company's online classes on the floor, too. But it keeps the same basic design as the company's original bike, which has seen success in recent months as people have looked to workout from home.
As well as its swivelling screen, the Bike+ includes new and improved speakers in the tablet on which classes are played, better integration with the Apple Watch, and an auto-follow feature that means that users don't have to adjust the bike's resistance during a class.
The new Bike+ is even more expensive than the original bike, which drew criticism for its cost. It costs £2,295 in the UK, and can be bought in monthly instalments.
But the older bike will also get a price reduction at the same time, dropping down to £1,750 in the UK.
At the same time, Peloton announced a new, lower-cost version of its Tread treadmill, which will sit alongside the existing one, which will now take the name Tread+. The lower-priced version will come to the UK on 26 December, 2020, Peloton said, and will also cost £2,295.
Peloton said that the goal with the new releases was to allow it to bring more focus to its classes that take place off the bike, which include yoga and strength workouts.
But it also noted that the new releases had allowed it to drop the price of its products, with the aim of making a membership more accessible.
The Bike+ had been intended to arrive earlier, Peloton told The Independent, but had been delayed as a result of the coronavirus outbreak. While the company has seen huge success during lockdowns – with its share price going up 250 per cent over the last six months – it has also struggled with supply, as well as being forced to shut down stores and conduct classes from home.
Kevin Cornils, Peloton's managing director, international, told The Independent that the company was "feeling good" about being able to provide enough of the new bikes, though stressed that it would also be "transparent" when supply problems meant there may be a wait for a bike to arrive.
While the Bike+ was being designed long before the recent pandemic, Mr Cornils said that the company had seen increased usage of its other, non-cycling workouts during lockdowns. As such, the new equipment was aiming to bring the "whole gym experience" into the home, by allowing people to spin the screen around and do other workouts.
The new changes mean that the original bike can be bought on interest-free finance for £45 per month, over 39 months, with the Bike+ costing £59 over the same period. In addition to the cost of the bike itself, customers must pay a £39 subscription to get access to Peloton’s library of classes and workouts, though that can be shared between a household.
Peloton has said that its point of comparison for pricing is physical spin classes, which can cost around £20 each. As such, the company has insisted that the bike can offer better value than a gym membership, despite the relatively high price.
Mr Cornils also pointed to features such as the 90-day trial that it offered during the lockdown, suggesting that the company’s executives had focused on “making Peloton more accessible over time” and that was “definitely part of the calculus”.