Peloton Is Raising Member Subscription Prices: Here’s How Much More You’ll Pay

The price of a Peloton (PTON) membership subscription is going up and will go into effect starting on June 1.

The price hike will affect Peloton’s all-access subscription plan in the U.S., which will increase to $44 a month, up from $39, while the fee will jump to $55 a month from $49 in Canada.

No increase will be incurred in the international market or to Peloton’s digital-only membership for consumers that use the service without equipment.

Peloton said in a blog post that the fee increase was a necessary “cost to creating exceptional content and an engaging platform,” adding that the price increase would allow the fitness company to continue to offer these services to its users.

Peloton had 2.77 million subscribed members as of Dec. 31, with more than 6.6. million total members, including those that only pay for workout classes through its digital-only membership and don’t own equipment, according to CNBC.

Upon the news of the price increase, Peloton shares spiked when trading was then halted just after 11 a.m. for trading volatility. The stock was down just over 2.5% just before noon.

Beyond announcing a price increase to its subscription, Peloton also will be reducing the price tag on its Bike, Bike+, and Tread equipment as it looks to grow its customer base.

Bikes will now sell for $1,445, down from $1,745, while the Bike+ will drop to $1,995, from $2,495 and the Tread will decrease from $2,8945 to$2,695, CNBC said.

The Bike and Tread will require a $250 and $350 shipping and setup fee, respectively, the news outlet said.

The pricing change announcement is part of a new vision to grow the Peloton community from CEO Barry McCarthy, who has been leading the company for just a little over two months as he took over for former CEO and founder John Foley, according to CNBC.

As of Thursday at 1:10 a.m. ET, shares of Peloton were trading at $24.51, down 52 cents, or 2.06%.