Peloton announced on Thursday that it's increasing the price of its all-access membership across North America while simultaneously lowering equipment costs.
Starting June 1, the price of the monthly membership fee will increase to $44 from $39 for all U.S. customers and to $55 from $49 in Canada.
This is the first time Peloton has increased the price of its membership in eight years, according to an announcement on the company's website.
During that time, the company said it's "made significant investments to improve the quality of the subscription experience." This includes consistently adding "content, disciplines, music, instructors, and new features, across three products: the Peloton Bike, Tread and Guide," Peloton added.
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However, "there's a cost to creating exceptional content and an engaging platform, and this price increase will help us continue to deliver for our members," the company said.
At the same time, Peloton is cutting the cost of its equipment. The price for its bikes and treadmills will be lowered in every market, according to the company.
"We want more people to be able to afford our hardware," Peloton said. "This is a strategic decision to play for scale and increase market share."
Price changes for U.S. customers (including shipping)
- Bike: Lowering from $1,745 to $1,445
- Bike+: Lowering from $2,495 to $1,995
- Tread: Lowering from $2,845 to $2,695