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TechCrunch
06-06-2025
- Business
- TechCrunch
Peloton explores placing its equipment in gyms, launching marketplace for used gear
Fitness equipment maker Peloton's CEO Peter Stern has said the company is exploring ways to expand its customer base by making its products available for use in gyms and launching a peer-to-peer marketplace for used equipment. Speaking at Bloomberg Tech Summit on Thursday, Stern said Peloton plans to distribute its machines to commercial gyms via its subsidiary Precor, a gym equipment supplier, and is working to add Peloton workouts to compatible Precor equipment. The company this week also set out to grab a share of the market for used Peloton equipment, launching a peer-to-peer marketplace called Repowered. 'Historically, [secondhand sales have] taken place, for example, on Facebook marketplace, and that's absolutely fine for people who want to do that, but it means that you need to transact with a stranger on both ends, and potentially have that stranger come into your home. What we're trying to do is streamline that and deliver a more premium experience for those secondhand customers,' he said. Stern said the company aims to use AI to improve personalization for its members. 'I want to find ways to scale coaching by creating individualized programs for each of our members so that they can get the right class from the right instructor that's personalized for them,' he said.
TechCrunch
06-06-2025
- Business
- TechCrunch
Peloton explores placing its equipment in gyms, launches marketplace for used gear
Fitness equipment maker Peloton's CEO Peter Stern has said the company is exploring ways to expand its customer base by making its products available for use in gyms, and launching a peer-to-peer marketplace for used equipment. Speaking at Bloomberg Tech Summit on Thursday, Stern said Peloton plans to distribute its machines to commercial gyms via its subsidiary Precor, a gym equipment supplier, and is working to add Peloton workouts to compatible Precor equipment. The company this week also set out to grab a share of the market for used Peloton equipment, launching a peer-to-peer marketplace called Repowered. 'Historically, [second-hand sales have] taken place, for example, on Facebook marketplace, and that's absolutely fine for people who want to do that, but it means that you need to transact with a stranger on both ends, and potentially have that stranger come into your home. What we're trying to do is streamline that and deliver a more premium experience for those second-hand customers,' he said. Stern said the company aims to use AI to improve personalization for its members. 'I want to find ways to scale coaching by creating individualized programs for each of our members so that they can get the right class from the right instructor that's personalized for them,' he said.
Miami Herald
04-06-2025
- Business
- Miami Herald
Peloton reveals clever solution to alarming consumer problem
Many people try to overcome adversity by combating the problem. However, some conditions are too strong to defeat, no matter how great a fight we put up. Don't miss the move: Subscribe to TheStreet's free daily newsletter Peloton has found the solution to a troublesome problem within its business. After years of trying to fight it, it decided to follow the motto "if you can't beat them, join them." Related: Peloton CEO believes cost-cutting can help reverse slide Peloton's (PTON) business model boomed during lockdowns, reaching its highest-ever sales, subscriptions, and shares peak. However, once the confinement period ended and gyms began to reopen, the need and demand for at-home workout equipment declined. This has caused Peloton's business to struggle since 2021. Not only do consumers not depend on Peloton's equipment and subscriptions like they once did, but the pandemic's aftermath also led to an overall slowdown in consumer spending due to economic uncertainty that continues to impact its business. During its third quarter of fiscal 2025, Peloton's overall membership declined 8% year over year. Paid Connect Fitness subscriptions required for Peloton equipment were down 6%, and equipment sales declined 27% yearly, marking the third consecutive year of year-over-year sales declines. Related: Peloton faces subscription challenges, stock price soars anyway Peloton has previously stated that, in addition to the current consumer slowdown, unregulated resale platforms were also a factor in declining sales across all equipment categories, since they offer lower prices, taking away market share. The company has tried to combat this problem by implementing a one-time $95 activation fee for all secondhand equipment, yet the efforts haven't been enough. The popularity of these unregulated resellers has been so significant in Peloton's business that the company forecasted equipment sales would continue declining for the remainder of fiscal 2025. However, Peloton said it would focus on price optimization and promotional strategies to reverse these declines. Sometimes, the competition is too great to try to eliminate, so Peloton decided to play along, but by its own rules. Peloton has teamed up with the developer Archive to launch Repowered, a secondary marketplace where customers can resell and buy used equipment and gear from the brand. This new platform implements an AI tool to provide sellers with suggested product prices based on factors such as year, condition, and type. However, sellers can still set their listing price within a range, while buyers can see the products' history. More Retail News: After bankruptcy, closed clothing chain hints at comebackWalmart makes deal to open popular food chain in storesPopular fast-food burger chain to open first store in new market The marketplace is a win-win for all involved because sellers will receive 70% of the sale, and Peloton and Archive will split the other 30%. Sellers will also get a discount of up to $600 that can be applied when buying new Peloton equipment and gear, and the buyer activation fee will be reduced from $95 to $45. Once the products are purchased, buyers can arrange a pickup with the seller or have the products delivered for a fee. Currently, the platform is only open for listings from sellers in the Boston, New York City, or Washington, D.C., metro areas. Once enough products have been listed on the marketplace, buyers will soon be able to make purchases. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
04-06-2025
- Business
- Miami Herald
Peloton launches ‘Repowered' platform to resell used fitness equipment
June 4 (UPI) -- Peloton is geared-up to help customers sell their bikes and treadmills online with Tuesday's launch of Repowered, a resale marketplace that could bring in top secondhand dollars for the connected fitness company. Repowered is currently operating in New York City, Boston and Washington, D.C., with plans to go nationwide within the year. The platform is available to sellers only and will become available to buyers, once there's enough inventory, Peloton said. "The official Peloton resale site where you can find great deals on gently used Peloton equipment or sell your pre-loved pieces for cash," the company announced on its website. According to Peloton, the platform will cut third party friction by coordinating pickups and deliveries. Sellers will receive 70% of the proceeds, with Peloton splitting the rest with platform provider Archive. Sellers can also receive up to a $600 discount on new equipment. Peloton says the resale market aligns with its sustainability goals to "help give used equipment a second life," while providing transparency on the product. "If you're buying or selling used Peloton equipment, you will have access to the Peloton History Summary that includes details like service history, warranty and more, directly from us," the company said. "This ensures transparency about the item's condition, giving both parties confidence in the transaction." The fitness company has seen a drop in the monthly subscriptions that go with their equipment, as treadmills and bikes collect dust and clothing once owners stop using them. Those subscriptions are a big part of Peloton's revenue, according to the company's financial records. Last year, Peloton cut 15% of its workforce as chief executive officer Barry McCarthy stepped down. At the same time, the company noticed a spike in the resale of its equipment on Facebook Marketplace and Trade My Stuff, which manages transactions and heavy lifting for buyers and sellers. The delivery team also sets up the equipment and teaches the buyer how to use it. After reporting a 13% decline in revenue during its third quarter, Peloton announced it would help facilitate the resale of its own equipment as part of its full-spectrum wellness offerings that include mindfulness and sleep. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
04-06-2025
- Business
- UPI
Peloton launches 'Repowered' platform to resell used fitness equipment
Pedestrians walk past a Peloton store in Bethesda, Maryland in August 2022. The fitness company announced Tuesday it was launching a resale platform for its fitness equipment, called Repowered. File Photo by Michael Reynolds/EPA-EFE June 4 (UPI) -- Peloton is geared-up to help customers sell their bikes and treadmills online with Tuesday's launch of Repowered, a resale marketplace that could bring in top secondhand dollars for the connected fitness company. Repowered is currently operating in New York City, Boston and Washington, D.C., with plans to go nationwide within the year. The platform is available to sellers only and will become available to buyers, once there's enough inventory, Peloton said. "The official Peloton resale site where you can find great deals on gently used Peloton equipment or sell your pre-loved pieces for cash," the company announced on its website. According to Peloton, the platform will cut third party friction by coordinating pickups and deliveries. Sellers will receive 70% of the proceeds, with Peloton splitting the rest with platform provider Archive. Sellers can also receive up to a $600 discount on new equipment. Peloton says the resale market aligns with its sustainability goals to "help give used equipment a second life," while providing transparency on the product. "If you're buying or selling used Peloton equipment, you will have access to the Peloton History Summary that includes details like service history, warranty and more, directly from us," the company said. "This ensures transparency about the item's condition, giving both parties confidence in the transaction." The fitness company has seen a drop in the monthly subscriptions that go with their equipment, as treadmills and bikes collect dust and clothing once owners stop using them. Those subscriptions are a big part of Peloton's revenue, according to the company's financial records. Last year, Peloton cut 15% of its workforce as chief executive officer Barry McCarthy stepped down. At the same time, the company noticed a spike in the resale of its equipment on Facebook Marketplace and Trade My Stuff, which manages transactions and heavy lifting for buyers and sellers. The delivery team also sets up the equipment and teaches the buyer how to use it. After reporting a 13% decline in revenue during its third quarter, Peloton announced it would help facilitate the resale of its own equipment as part of its full-spectrum wellness offerings that include mindfulness and sleep.
