On September 26, 2019, Peloton became a public company via an initial public offering, raising $1.16 billion and valuing the company at $8.1 billion. Peloton settled the lawsuit in February 2020 financial terms were not disclosed. In September 2019, the suit was amended and increased to $300 million. The action resulted in changes to music used in its sessions, as well as removal of certain programs that used the songs named in the suit. In March 2019, Peloton was sued by the National Music Publishers Association for using copyrighted music in their videos without proper synchronization licenses, seeking $150 million in damages. It also announced construction of a flagship studio at Manhattan West in New York City. In May 2018, Peloton announced plans to expand into Canada and the United Kingdom that fall. Peloton’s original treadmill, Tread+, was unveiled in January 2018 by the company at the annual Consumer Electronics Show in Las Vegas. The company also opened showrooms in shopping centers around the US, for people to test out the machines, and "sales quickly soared" for the classes, encouraged by the online community of riders. Their first Internet-connected stationary bicycle with a tablet was released in 2014. Peloton sold its first bike on Kickstarter in 2013 with an early bird price tag of $1,500. The company raised $400,000 in seed money in February 2012 and another $3.5 million in December 2012. " Peloton" is a cycling term, meaning a large group of riders bunched together. Peloton Interactive was founded in January 2012. In 2011, John Foley, an executive at Barnes & Noble in New York City, pitched his colleague, Tom Cortese, on the idea that technology could make it possible for people with little time to get the full experience of working out in a high-end studio cycling class in their homes. Peloton charges a US$44 monthly membership fee to access classes and additional features on their exercise equipment, or $12.99 for users only accessing the content via app or website. The equipment includes built-in sensors that track metrics such as power output, providing users with real-time feedback on their performance and leaderboard rankings to compete with other users. The company's products are stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a subscription service. is an American exercise equipment and media company based in New York City.
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