As governments across the country weigh whether to push non-essential public venues like gyms to close, more people are searching out expensive gear from Peloton.
The public markets are obviously seeing some pretty substantial swings in recent days, but newly public Peloton is proving more aptly positioned than other tech stocks. Today, the exercise brand saw a nearly 13% spike on the back of a market where stocks cratered across the board. The Nasdaq dropped just over 12% today by comparison.
While trends toward social responsibility pushes more people to stay home as public institutions close temporarily, companies that are optimized for at-home experiences are unsurprisingly going to be seeing some growth during the next several months. The challenge will, of course, be to combat externalities while maintaining growth rates as the rest of the market — hopefully — recovers.
In an effort to onboard more customers, the company announced Monday that it was extending the free trial period of the company’s app from 30 days to 90 days in the U.S., U.K. and Canada. While many of the company’s live classes are best experienced on their pricey hardware, the company also offers on-demand classes for exercises like yoga, cardio and meditation. Notably, the company is maintaining the 30 day trial for its actual bike hardware.
Peloton has seen negative impacts as well; the company has shuttered its retail showrooms through the end of the month and announced they were closing their live studios to the public. Live classes from the New York showroom were halted the first half of the week and scheduled to resume on Thursday.