Peloton's rowing machine may finally be on the way after years of speculation, a report says

• Peloton's rowing machine could be in the works, according to a new report from 9to5Google.com.
• The website analyzed Peloton's latest Android app update, and found coding that referenced rowing.
• This included instructions on how to row and references to a "Just Row" setting.
• See more stories on Insider's business page.

Peloton's hotly-anticipated rowing machine could be on its way, according to a new report from 9to5Google.com.

Analyzing the latest update on Peloton's Android app, the website found code that hinted at new rowing features, such as instructions on a rowing stroke and references to a rowing setting similar to the "Just Run" mode on its $4,000 treadmill.

Insider asked Peloton for comment on this report but did not immediately hear back.

Rumors that Peloton would launch a rowing machine have circulated for years. Peloton CEO John Foley confirmed in an earnings call this year that the company would launch new products in the next fiscal year, but did not go into details.

The high-tech fitness brand has diversified from its core product, its $2,000 bike, to try to attract new customers and compete in the increasingly competitive home-fitness market.

Read more: How Peloton is leading the revolution in smart home gyms

Experts say that indoor rowing is the next big opportunity. The main player is Hydrow, which was set up in 2017 by former US National rowing coach Bruce Smith. Hydrow lets customers livestream classes led by professional athletes on the water in cities such as Miami, London, and San Francisco. Its rowing machines start at $2,245.

"We see it as the fastest-growing modality in fitness," Michael Farello, a managing partner at L Catterton - a consumer-focused private equity firm that is invested in several fitness companies including Equinox and Hydrow - told Insider in 2020.