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Peloton shares race higher on TikTok content deal
(Sharecast News) - Shares in Peloton Interactive surged on Thursday in New York after the fitness equipment group inked a deal with TikTok to bring its workout content on to the short-form mobile video platform. A new fitness hub called #TikTokFitness will be created on which Peloton will have a co-branded hub that houses exclusive content under the name, '#TikTokFitness Powered by Peloton'.
The deal marks the first time Peloton will produce social content outside of its owned channels, and opens the company up to TikTok users in the US, UK and Canada.
The stock was up nearly 8% at $5.79 by 1151 ET.
"Peloton and TikTok both move at the speed of culture to better serve our respective audiences," said Oli Snoddy, vice president of consumer marketing at Peloton.
"We collectively recognise the way people engage with fitness is constantly changing. Our team is excited to complement TikTok's already burgeoning fitness content by introducing the magic of Peloton to new audiences, and in completely new ways."
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