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Peloton Eyes Wearables Push With Heart Rate Armband

Peloton Eyes Wearables Push With Heart Rate Armband

June 23, 2021 at 02:51AM
by PYMNTS

Peloton is considering stepping into the realm of wearable tech to monitor one’s heart rate, CNBC reported.

A Peloton armband would come in two separate sizes and would be able to sync up wirelessly with the exercise company’s other products, according to CNBC. Currently, the company already sells a heart rate monitor that users can strap to their chests, which costs $49.

But its proposed new band would track how intensely a user is working out on a small screen that also shows features like battery level, CNBC reported.

Peloton hasn’t officially announced the new tech, and a spokesperson only told CNBC that the company’s research and development team is “always working on ideas.”

The company has recently put out a new corporate wellness program, which will allow for reaching new users and more members, even as some analysts say demand for the company’s products might fall as the pandemic-era restrictions ease up and people go back to regular gyms, according to CNBC.

Companies that sign up for Peloton’s program can offer subsidized access to Peloton digital fitness membership to their employees, along with its Bike, Bike+ and treadmills. And the company’s shares were up 7 percent Tuesday (June 22) as of the news, although they are down 24 percent year-to-date, CNBC reported.

In the first quarter of this year, Peloton added 414,000 new subscribers, PYMNTS reported. That brought the company’s total user base up to 2 million, which was an increase of 135 percent year over year.

The company’s revenues were also rising, seeing a spike of 141 percent and hitting $1.2 billion. That came alongside better delivery wait times and a fall in subscriber cancellations.

Despite going through a treadmill recall, Peloton said at the time that it expects its revenues to keep growing by 50 percent, likely reaching $915 million.

The company is also working on new ways to make sure only authorized users can access its treadmills.