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Peloton has seen increasing demand for its exercise equipment during the pandemic.
Ezra Shaw / Getty Images
Peloton Interactive Inc. has launched a new partnership with Beyoncé focused on new fitness classes and raising awareness of historically black colleges and universities.
Beyoncé was the most requested artist of the PTON de Peloton,
and the company announced Tuesday that it is working with Peloton to create a number of reunion-themed workouts, an annual fall celebration for students who historically attend black colleges and universities (known as HBCU ). The workouts are aimed at “extending the return to Platoon members” and they cover categories such as cycling, running, yoga and meditation.
As part of the partnership, Peloton and Beyoncé will also be offering free two-year Peloton Digital memberships to students attending 10 HBCUs – Bennett College, Clark Atlanta University, Grambling State University, Hampton University, Howard University, Morehouse Collegean and Morehouse School of Medicine, Spelman College, Texas Southern University, and Wilberforce University. Memberships will work independently of access to Peloton’s own exercise equipment and the company has said it will build relationships with all 10 schools focused on internship and other recruiting areas.
Peloton shares initially traded higher at the start of Tuesday’s session, although they are now trading 6.3%. The drop extends a 20% drop in Monday’s session thanks to optimistic vaccine news from Pfizer Inc. PFE,
and BioNTech SE BNTX,
Peloton had benefited from stay-at-home trends during the pandemic, which led to increased sales and inventory shortages. The problem is, Peloton and other home winners may lose some of their momentum once the COVID-19 crisis is brought under control and people are able to resume normal activities.
Peloton’s stock has climbed 240% so far this year as the S&P 500 SPX,
gained 10% over the same period.
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