Planet Fitness, known for its iconic $10 monthly membership fee, is considering making changes to its pricing structure for the first time since 1998. The fitness chain is looking to raise its basic membership fee to $15 per month, starting this summer.
The decision to increase prices comes after Planet Fitness reported lower-than-expected new member sign-ups in the first quarter of 2024. The company added 900,000 members during this period, which was below investor expectations. Factors such as a rise in respiratory diseases and a less successful January advertising campaign may have contributed to the lower numbers.
In addition to raising the price of its Classic Card membership, Planet Fitness will also be conducting price testing for its Black Card membership, which currently costs $24.99 per month. The Black Card membership offers additional perks such as the ability to bring a guest and access to any Planet Fitness location.
Interim CEO Craig Benson stated that the price increase is necessary due to rising costs associated with providing facilities for members. He also mentioned that the $10 monthly fee, which has been in place since 1998, would be closer to $20 today when adjusted for inflation.
Despite the price increase, current members who are paying $10 per month will not see a change in their membership fee. The new pricing structure will only apply to new members joining the gym.
As Planet Fitness prepares to implement these changes, the company is also welcoming a new CEO, Colleen Keating, who will be taking over from Benson next month. With over 2,500 locations worldwide, Planet Fitness remains a popular choice for fitness enthusiasts looking for affordable gym memberships.
