Peloton
Peloton is canceling its live classes.
- Peloton is temporarily canceling its live classes.
- The news comes after the company confirmed on Facebook that an employee at its New York studio tested positive for COVID-19.
- Peloton members have also been urging the company for weeks on social media to abandon its live classes and protect the safety of its instructors.
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Peloton is canceling its live classes just days after it confirmed an employee tested positive for COVID-19.
The high-tech fitness company, which is best known for its $2,000-plus home fitness bike, wrote in an email to members on Monday that it had paused production in its studios in New York and London until April 30 amid the coronavirus pandemic.
In that time, members will only be able to access its on-demand classes and any prerecorded content that it plans to upload over the next few weeks, Peloton said.
The news comes after the company announced on Facebook that an employee at its New York studio had tested positive for COVID-19. A spokesperson for the company did not immediately respond to Business Insider's request for comment on whether the impacted worker was one of its instructors.
Its initial plan was to close the studio until April 7 for a deep cleaning. On Monday, this plan was abandoned as the studio remains closed.
Peloton members have been urging the company on social media for weeks to abandon its live classes and protect the safety of its instructors as both London and New York went into lockdown during the coronavirus outbreak.
News of the company canceling its live classes was celebrated by many of these members in Peloton Facebook groups on Monday.
Peloton's stock price has been steadily rising over the past month as more major cities go into lockdown and prevent people from working out in gyms and fitness studios. Because of this, analysts said that investors could see more value in Peloton as more consumers opt for home workout options.
"This may drive higher unit sales and subscription revenue in 2020," Needham analyst Laura Martin wrote in a note to investors in February.
In March, the company said it was suspending deliveries of its $4,000 treadmill. While it is able to deliver the bike without having to enter a customer's home, the sheer size and weight of the treadmill meant that this wasn't possible.
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