Peloton Interactive announced a multi-year partnership with celebrity Beyonce Knowles to produce a series of workout for its members.
The company is collaborating with Knowles, the most requested artist by Peloton’s global community of more than 3.6 million members, according to a statement.
The partnership will commemorate homecoming season, an annual fall celebration for students at historically Black colleges and universities. Both Peloton and Knowles are also giving away two-year digital memberships to students at 10 of the institutions.
Its shares surged in early trading Tuesday but erased that gain and fell more than 3% as stay-at-home stocks were pummeled for a second day amid news of progress toward a vaccine developed by Pfizer and BioNTech.
Peloton’s shares have benefited this year as COVID-19 lockdown measures globally sent demand surging for its fitness equipment as consumers stayed at home. They are now up about 245% in 2020 after previously climbing more than fourfold.