The fitness brand Peloton that gained notoriety in its holiday ads last year bounced back with a vengeance when COVID-19 hit and gyms closed. The demand for home gym equipment and virtual workouts soared, as did Peleton’s sales.
CNBC reported that the fitness brand enjoyed “218% growth year over year from the midpoint – way ahead of expectations for $506 million.” The company also anticipates a strong 2021 with “sales of between $3.5 billion and $3.65 billion.”
Peloton is banking on the introduction of some new products but also the strong appeal of what may be the biggest name in musical performance today: Beyoncé. Accordingly, on November 10, it proudly announced: “Beyoncé and Peloton Team Up for Unprecedented Partnership”.
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The brand didn’t even have to do external research to realize how popular Beyoncé is. She is “the most requested artist” on its platform that it says comprises over 3.6 million members.
Beyoncé confirms that the partnership is on brand for her, as well, declaring, “Peloton and I both believe that the power of music can help uplift, motivate and inspire those on their fitness journeys.”
The partnership is not just about the inspiration of music but about promoting the cause of Historically Black Colleges and Universities (HBCUs). In normal years “Homecoming” festivities take place to celebrate and promote these institutions, but this year, everything had to be virtual.
Among the virtual offerings is “a series of themed workout experiences to help extend Homecoming to Peloton members via classes across multiple fitness categories, including indoor cycling, running, strength, bootcamp, yoga and meditation.” In addition, students at these institutions will be getting a gift of a two-year Peloton Digital membership that gives them access to the classes through the app.
Peloton wants to not only hitch its brand to the star but will also align itself with her values. The partnership with Beyoncé then is meant to also show that the brand is not just about the privileged few who can shell out thousands of dollars for an exercise bike as a Christmas gift.