Peloton recently announced it's raising subscription fees for the first time in 8 years.- The monthly charge will go to $44 a month from $39 in the US and to $55 from $49 in Canada.
Peloton announced last week that it's raising the price of its monthly subscription for the first time in eight years, and some users aren't happy about it.
Starting June 1, the cost of membership will rise to $44 a month from $39 in the US and to $55 from $49 in Canada. Some Peloton users have taken to social media to air their frustrations with the price hike, while others say the increase is negligible.
In a Peloton customer Facebook group, one user voiced their frustrations by harkening back to CEO Barry McCarthy's remarks in February that the company "spent money on things that they shouldn't have." McCarthy replaced Peloton cofounder John Foley as CEO that month.
Another user expressed frustrations that Peloton members will foot a higher bill for their subscriptions while the company continues to shell out millions for its instructors, some of whom reportedly make more than $500,000 a year.
Some users took issue with the price reduction aimed at luring in new customers, with one person saying they owe more money on their bike than it'll be worth now given the equipment price cuts.
While some Peloton users aired their grievances, others rose to the company's defense.
Others pointed to inflation and said that, even with the price hike, a Peloton membership is still cheaper than a gym membership for many users. Some customers also argued that people paying $1,000+ for a bike to begin with may not be too affected by a $5 monthly fee increase.
Many users pointed out that an extra $5 per month is the equivalent of a cup of coffee.
Peloton did not immediately respond to a request for comment.
In its announcement of the price hike, the company said, "There's a cost to creating exceptional content and an engaging platform, and this price increase will help us continue to deliver for our Members."