- Peloton finally teased its upcoming
rowing machine , which has been rumored since 2020. - The company still hasn't revealed the name, price, or release date.
Peloton just gave us our first look at its long-awaited
Peloton hasn't revealed the name of the new machine and hasn't said when it'll be available, other than to say it's "coming soon." There's no word on how much it'll cost, but Peloton's other connected fitness machines — the Bike, Bike Plus, and Tread — range from around $1,200 to around $2,400.
"Peloton is excited to add this total body workout into its powerhouse arsenal of content," Peloton said in a blog post.
—Peloton (@onepeloton) May 13, 2022
Peloton's foray into rowing has been rumored since as far back as 2020, when Bloomberg reported that Peloton was working on a rowing machine. 9to5Google reported last August that Peloton could be building a rowing machine, after spotting language about rowing in an update to its Android app.
In February, The Financial Times reported that Peloton would debut the rowing machine at its Homecoming event and that employees had already been testing the machine at home. The FT reported at the time that the machine will give feedback on the user's form and that users will be able to take classes taught by instructors both in the studio and on the water.
Peloton cofounder and chief product officer Tom Cortese told The Verge in a recent interview that the rowing machine "feels like the worst-kept secret on Earth."
The product announcement comes during a tough week for Peloton: Following a bleak third-quarter earnings report Tuesday, the company's stock plummeted 20% to a record low. Once a Wall Street darling, thanks in large part to the pandemic keeping everyone at home — and using their bikes — Peloton hasn't been able to find its footing as pandemic restrictions have largely subsided.
With its latest machine — the first totally new product for Peloton since 2018, when it launched its connected treadmill — Peloton is entering a rapidly growing market. Analysts estimate that the rowing-machine market could hit $1.8 billion by 2031, thanks in large part to a slew of upstart rowing brands: Hydrow, which offers a $2,300 connected rowing machine with similar styling to Peloton's products; Ergatta, which sells a $2,200 connected rowing machine designed to look good in living rooms rather than home gyms; and Cityrow, which sells a $2,200 machine and offers studio classes.
Those companies, along with Peloton, will compete against veteran brands like WaterRower and Concept2, as well as rowing equipment sold by fitness companies like NordicTrack and Echelon.