Peloton (NASDAQ:PTON) announced Tuesday the launch of a corporate wellness program as it aims to reach new users and grow its membership base.
Businesses that sign up will be able to offer employees subsidized access to Peloton’s digital fitness membership and its high-end cycles and treadmills. Peloton said its corporate partners will receive access to tailored features such as team tagging and group exercises that encourage accountability and foster bonding with colleagues. Peloton will also assist corporate partners with outfitting office workout spaces.
Peloton also says the online furniture retailer Wayfair (NYSE:W), electronics maker Samsung, software giant SAP and British telecommunications firm Sky are among the first businesses to join the program.
Peloton President William Lynch said the offering promises to become one of its biggest growth channels.
Peloton started investing in the corporate wellness platform about a year ago, as it began to receive requests from companies to partner, he said.
"With the return to work, and as companies acknowledge that they need healthy employees — especially coming off the pandemic — we’ve seen incredible demand for the platform" Lynch said. "We feel like our timing is great."
Financial terms weren’t disclosed.
The perk could help companies lure talent back to the office post-pandemic or assist in retaining staff in a tight labor market. Employees are increasingly seeking out health-related benefits at the office. They’re also looking to earn a paycheck from businesses that maintain a balance between life and work.
PTON shares shot higher $3.66, or 3.4%, to $111.77.
