Peloton is reportedly close to launching its long-awaiting connected rowing machine

• Peloton is close to launching its own rowing machine, the Financial Times reports.
• The machine would have a screen similar to Peloton's bikes and treadmills and give feedback on form.

Peloton may be close to launching its first new piece of equipment in four years.

The Financial Times' Patrick McGee and Andrew Edgecliffe-Johnson reported Monday that the beleaguered fitness company is working on adding two new products to its lineup: a strength product and a connected rowing machine.

The rowing machine, which is codenamed Project Caesar, will have a large touchscreen similar to Peloton's internet-connected bikes and treadmills and will give feedback on the user's form. Peloton will offer classes taught by instructors both in the studio and on the water, the FT reports.

Employees are already testing the rower at home, and the FT reports that the machine could be announced sometime around Peloton's annual Homecoming event, which will take place on May 13.

The other product, a strength product somewhat similar to fitness rival Tonal, is not as close to launching as the rowing machine, the FT reports.

Peloton's new CEO, Barry McCarthy, told the FT that developing "product line extensions" is a top priority. In a statement to Insider, a Peloton spokesperson said that "Peloton is a connected fitness company, not a bike company."

"We are continuously innovating across hardware, software, and content to improve the lives of our dedicated member community," the spokesperson said.

9to5Google reported in August that Peloton could be building a rowing machine after spotting language about rowing in an update to its Android app. Bloomberg also reported in 2020 that Peloton was working on a rowing machine.

The rowing machine would be the first totally new product for Peloton since 2018, when it launched its connected treadmill, and would compete with an emerging cadre 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 fit into living rooms rather than home gyms; and Cityrow, which sells a $2,200 machine and offers studio classes.

Analysts estimate that the rowing-machine market could hit $1.8 billion by 2031 as those companies compete against more traditional brands like WaterRower and Concept2, as well as rowing equipment from fitness companies like NordicTrac and Echelon.