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Zwift issues 38% monthly subscription hike
(HTM) Source
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Indoor training fans - at least those in the northern hemisphere - may
be grateful that spring has finally sprung after Zwift issued a
whopping price hike in its monthly subscription rates.
UK prices go up from £12.99 per month to £17.99, a 38% hike. In the US
the subscription jumps from $14.99 to $19.99, up by 33%.
The jump will apply to all instalments going out after June 6,
according to the emails sent out to users on Tuesday.
It's the sort of increase that risks driving users outside, especially
those for whom some good weather has begun to appear.
The email said: "We hope you're enjoying your time on Zwift. We have
worked hard to keep prices locked since 2017 and have made this change
to allow us to continue making indoor cycling fun with more content
experiences and product innovation."
The US virtual riding platform, which is by far the most popular in an
increasingly competitive market, has ridden some tough times in the
past 18 months, laying off 15% of its workforce - 150 people - last
March.
Last summer it suffered the blow of losing the UCI's World Esports
Championship to competitor MyWhoosh, which signed a three-year deal
with the governing body to host the event.
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More recently the company went through another round of lay-offs and
witnessed the resignation of co-CEO Kurt Beidler.
It cited a slow rebound in growth and said, "We are taking action to
become leaner with a continued focus on delivering great experiences
for our community."
In fairness to Zwift, price increases have been relatively rare
throughout its 10-year history, with the raise from £7.99 per month to
£12.99 in 2017 being the only significant one.
The latest increase may not come as a huge surprise to those who have
been watching closely - last year Eric Min, Zwift's current sole CEO,
told Bloomberg that the current subscription fee was "unsustainable".
Zwift said in a statement: "We have worked hard to keep prices locked
since 2017. In response to rising costs and inflation, we have changed
our membership fee to support the continued development of our
platform experience."
It said it was "proud of the platform benefits introduced since 2017",
pointing to seven new worlds, two event maps, and features such as
Robo Pacers and the new Climbing Portals.
"The best is to come," it insisted. "Zwift will always be investing in
the future of our member's product experience."
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