Peloton and Beyoncé Cash in on Cultural Clout
US fitness technology company Peloton has announced a multi-year partnership with Beyoncé.
The megastar musician will help curate experiences for Peloton's workout subscription service, starting with a series of classes themed around homecoming season at historically Black colleges and universities (HBCUs). The brand is also going to give away free two-year memberships to students at 10 of those institutions.
On the back of the announcement, Peloton's share price closed 5.2% up on the previous day (after it had dipped following news of a promising Covid-19 vaccine), causing a valuation jump from $29.26bn to $30.78bn – a $1.52bn gain.
Beyoncé was already the most requested artist for workouts by the brand's 3.6 million global community members. In addition, basing the launch of the partnership around a homecoming season, when the pandemic will prevent HBCUs' students past and present from travelling to celebrate their community, makes for a well-timed drop in the Covid-19 cultural schedule.
The cultural branding of everyday activities is an opportunity for entertainment brands and their partners to make mundane moments special and customisable. The pandemic-created disruption to lifestyles opens additional engagement windows as consumers shift to new habits.
For more on how the pandemic is driving fast-growing demand for at-home (or on-the-move at safe distances) community events, check out Pop Culture Pulse: Real-Time Online Communities and Content for the Culinary Insperience.