Peloton has been in the headlines for the last couple of years for the wrong reasons. To begin with, the American exercise equipment brand was trolled for its meme-worthy Christmas ad. In 2019, Peloton created what later turned out to be a laughable Christmas advertisement.
The ad was trolled by Saturday Night Live comedians. And the ad became a social media meme. Later on, the company announced that it has lost a staggering amount of $1.24 billion in its 3Q revenue in the outgoing year. Peloton has also been jibed for its “opulent” customer base. Likewise, there are many instances where Peloton has been in the news headlines.
As a result, the popular fashion brand has turned into a comedy saga. Turns out that Peloton is headed in the wrong direction. But despite that, Peloton’s ultra-rich consumers have remained loyal to the fashion brand.
Now, as we step into the new year, 2023, Peloton is looking to start afresh. To counter the grave loss that the company witnessed in 2022, Peloton is introducing new strategies. To begin with, the company has launched a new rower. You bet, this latest exercise equipment is lavish, beautifully designed, sleek, and has all the features that wealthy workout enthusiasts yearn for. But it comes with a catch: It is crazily expensive.
The initial price tag of this much-awaited rower is $3200. That is right! It is pretty expensive. This launch has also backfired on the New York-based exercise brand. People are criticizing Peloton arguing that its goods are only meant for the wealthy elites. Consumers argue that the price tag of this latest rower of Peloton is proof that the brand is away from the reach of common Americans.
Apart from the latest launch, Peloton is also heading over to A-list celebrities to rescue the exercise company from notoriety and revenue loss. According to the latest updates from Peloton, the New York-based fashion brand is taking favor of some big names in Hollywood.
Barry McCarthy, the sitting CEO of Peloton, is “signing contracts” with Kim Kardashian, Ashton Kutcher, and other celebrities to attract new subscribers to the platform.
Thus, it is essential to understand here the CEO of Peloton is doing everything he could to set new strategies for the leading exercise equipment brand. And Peloton’s “collaboration” with Hollywood stars is yet another attempt Peloton to leverage the revenue loss.
Now, whether or not these celebrities will help Peloton bounce back remains a question mark. Or, as usual, this new strategy of McCarthy can turn into another laughable attempt that will go viral. We do not know.
But looking at the latest notoriety of Peloton, experts do not see a potential light at the end of the tunnel. At the same time, we can never underestimate the much-experienced CEO of Peloton who has also got an in-hand experience with Netflix and Spotify as well.