Peloton slashes marketing spend by 37% amid departure of third CMO since 2020
Peloton cut its marketing and advertising investment by $51.8m in the three months to 31 March.
By Molly Innes
Peloton has further cut its marketing investment as the brand struggles to reach profitability and lower customer acquisition costs.
Its sales and marketing expenses fell by 37% in the three months to 31 March, totalling $106.5m (£80.2m) in the third quarter of its financial year. The cuts were driven by a $51.8m (£38.9m) decrease in advertising and marketing spend.
This budget cut is the latest in consecutive quarters of cuts at the brand. It cut marketing spend by $64.4m (£48.4m) in Q2, a 38% decline, after also cutting it by 44% year-on-year in Q1 resulting in a $64m (£48.1m) decrease in spend.
