Peloton Falls After Lowering Subscription App Pricing

Peloton Interactive Inc. shares tumbled after a report said it lowered the price of its digital subscription app for workouts in an effort to appeal to more users.

A membership for the digital-only subscription now costs $12.99 a month, compared with $19.49 previously, Peloton said, confirming an earlier report in The Verge. Peloton, which makes a stationary exercise bike and treadmill with an affixed iPad-like device for following workout classes, didn’t change the $39-a-month price for a subscription linked to its proprietary equipment. The company also launched new apps for Amazon’s Fire TV and the Apple Watch. Being able to stream workouts directly to a TV, combined with a lower cost for the subscription, may be enticing to new and existing users.