Dive Brief:
- After beta testing since September, Peloton Strength+ is now available as Peloton’s new, stand-alone app dedicated solely to strength training, the company announced on Wednesday.
- With the app, subscribers can access workout guidance from Peloton’s strength coaches, exercise tracking and a library of instructional videos. Workouts are paired with audio guidance and coaching for commonly used gym equipment like cable machines, barbells and kettlebells. Customers can also play their own audio and hear Peloton coaches’ cues in the background, per the announcement.
- The company is offering select customers access to the app for $1 per month during an introductory period, but it will charge $9.99 per month after that period ends. The app is free for All Access, Guide and App+ subscribers, according to the press release.
Dive Insight:
The release of a new strength training app comes after the appointment of the fitness company’s new chief executive, who has been a Peloton member since 2016. In October, Peloton announced that it named Peter Stern, a former Ford executive, as its new CEO. Prior to joining the fitness tech company, Stern was also the co-founder of Apple Fitness+.
Earlier this year, Peloton’s former CEO, Barry McCarthy, exited the company. The change came as Peloton announced plans to lay off 15% of its global workforce, amounting to roughly 400 workers, as part of a restructuring effort.
In its latest earnings, the company reported some progress in its turnaround. In Q1 Peloton reported a 1.6% year over year dip in revenue to $586 million, and the company’s net losses narrowed considerably from $159.3 million in the year-ago quarter to $900,000.
In addition to its new app, Peloton recently kicked off a multi-part campaign targeted at millennial men titled “Find your push. Find your power.” The ads feature former NFL player J.J. Watt and current NFL player T.J. Watt engaged in a playful rivalry. Two-thirds of Peloton members are women, and the campaign seeks to win over a new demographic by focusing on millennial men’s fitness needs.
