(Reuters) - Fitness equipment maker Peloton Interactive (NASDAQ:PTON) will bring its workout content to short-form video platform TikTok in an exclusive partnership, the companies said on Thursday.
The partnership comes as Peloton, shares of which extended gains to jump 9.5% in premarket trading, is pivoting from hardware and transforming into a software-focused company, leaning on its exclusive content to drive subscriber growth.
Demand for the company's connected home fitness equipment has plummeted after a surge during the pandemic. That, along with expensive bike recalls, delayed a return to positive cash flow by fiscal 2023.
The New York-based company has been working to re-brand itself to make its services accessible by introducing new plans that will allow subscribers to workout with or without equipment.
Peloton will have a dedicated hub on TikTok, dubbed #TikTokFitness Powered by Peloton, that houses its content, marking the first time the fitness company partnered outside of its owned channels.
The content will include live Peloton classes, content from Peloton's instructors and celebrity collaborations, among others, curated on the Peloton hub, the companies said.
The company in November forecast revenue below estimates for the all-important holiday quarter and posted a bigger-than-expected quarterly loss.