Peloton is sweating it out. The fitness and exercise company has pulled its unlimited free membership option from its fitness app after failing to get enough free users to become paid subscribers.
The company quietly removed the no-cost option over the past several weeks, CNBC reported. Users that signed up for the membership before it was eliminated will still have access, the publication added.
Peloton’s turnaround comes less than year after it launched the free offering, which it campaigned would reach individuals of “all ages, levels, and walks of life.” The “Peloton App Free” was designed to “supplement a user’s current workout routine,” and serve as a “taste-test of all Peloton had to offer for a newbie,” the company said.
During that same time period, Peloton issued over two million recalls due to reports that users had fallen and injured themselves while using the company’s stationary exercise bikes.
Peloton’s high hopes of its paid subscription model missed its own expectations. In November, Peloton’s CEO Barry McCarthy said the company was “not successful” at getting free users to “convert over into the paid funnel” memberships.
For users who are still interested in getting in a workout with Peloton, the company offers two membership options through its app, one of which is priced at $12.99 a month, and another which is priced in at $24 a month.
Shares of Peloton were down 7% during afternoon hours, trading at $3.29.
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