Peloton has been working to boost its membership numbers through a series of partnerships and posted higher than expected revenue on Thursday.
Peloton's sales during its fiscal first quarter were higher than expected but its losses underperformed Wall Street's expectations.
Earlier this year, Peloton launched a new tiered pricing strategy for its app — a key part of its growth strategy — that included a free tier. The idea was users would fall in love with Peloton's content and spring for a paid membership, which comes with a far wider variety of classes, but that bet is yet to materialize.
In response, the company shifted its marketing spend to focus on the company's paid offering, which drove a higher mix of premium priced subscribers than it expected. Second, it worked to improve the user experience to make it easier to find classes.
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