Connected fitness company Peloton Interactive (NASDAQ:PTON) unveiled a new product Thursday. Here’s the latest and what it could mean.
What Happened: After years of rumors, the Peloton home rowing machine was unveiled during the company’s Homecoming event.
The company didn’t get into specifics of the new item and only briefly showed off images with a coming soon label during the event. Techcrunch reports the Peloton home rowing machine is a sit-down machine with a resistance cable and shows a large display likely attributed to watching fitness courses while using the machine.
“Peloton will be bringing its best-in-class fitness experience to the world of rowing! Combining cardio and strength – Peloton is excited to add this total body workout into its powerhouse arsenal of content,” the company said during the event.
Related Link: Peloton Q2 Earnings Highlights: Revenue Miss, CEO Transition, Restructuring Plan And More
Why It’s Important: A rowing machine from Peloton has been rumored for years with Benzinga covering a rumor from tech sites back in August 2021.
Financial struggles by the company could have delayed the timeline of releasing the rower.
New Peloton CEO Barry McCarthy could be putting a large bet on the rowing machine to define his early history with the company.
Along with the rowing machine, Peloton also announced collaborative workout scheduling and easier tracking of non-Peloton activities in the app. The company is also opening Peloton Studios in New York and London for live member workouts.
Peloton ended the second quarter with 2.77 million connected fitness subscribers, 862,000 paid digital subscribers and 6.6 million total Peloton members.
PTON Price Action: Peloton shares are up 15% to $15.71 on Friday.
