One Peloton Club will be a single monthly fee for the Bike and classes.
Under the new model, customers will pay a single $60–$100 monthly fee that covers renting the Bike and the cost of classes, according to areport. If the customer decides to cancel, Peloton will take back the bike free of charge. The pilot will be available in Texas, Florida, Minnesota, and Denver for a limited time. Customers will have to stop by a local showroom to sign up — it’s not available online.
Until now, users have had to buy the Bike and pay a separate $39 monthly subscription fee. If a customer were to use financing, that would mean a monthly payment of $45. Together with the monthly subscription, that adds up to $84 a month until the Bike is paid off. Under the new pilot, it’s possible to pay less each month to have the Bike at home. Previously, the cheapest option would’ve been Peloton’s digital-only subscription, which costs $12.99 monthly.
This isn’t the only move Peloton’s made to draw in new customers. Last week, Peloton extended its free at-home trialRegardless of whether the new pricing strategy pays off, it’s a clear sign that McCarthy is putting his stamp on things. McCarthy was previously the CFO of Spotify and Netflix, and former CEO John Foley pointed to his experience with subscriptions as a major reason why McCarthy was brought on.
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