There are some companies that have changed our lives forever. Just think, what would our world be like without brands like Apple and Amazon? Consider adding another to that elite list: Peloton.
According to Business Insider the global fitness industry is
valued at nearly $100 billion and growing. With many people being forced to
work from home due to COVID-19, the demand for home fitness equipment has
skyrocketed. While Peloton didn't invent the stationary bike, they did figure
out how to get millions of people to buy in to a complete at-home exercise
What Peloton seems to have gotten right was anticipating the future of the fitness industry - what consumers are looking for beyond just fitness. People now openly share their data so they can compete against fellow riders in both live and recorded sessions. Each instructor is as unique as their playlist, and there's truly a match for every personality or mood. The social network component creates a platform for you to reconnect with old friends, share a "high five" mid-ride with your sister three states away, or join a 14 day "challenge" with your coworkers. And you have to sit in zero minutes of traffic to get your workout on.
- Bike: $58/month for 39 months at 0% APR, or in full at $2,245
- Treadmill: $111/month for 39 months at 0%, or in full at $4,295
- Platform Access: Monthly costs for app/access to their instructors and software is $39/month
- Digital Membership Only (no bike/treadmill required): Currently offering a 90 Day free trial, then $12.99/month (yoga, strength training, meditation and cardio classes)
The Peloton experience may not be for everyone, but many see it as a type of personal investment given the intangible value it brings:
- Convenience and comfort
- Sense of community and loyalty
- Physical and mental health
Could Peloton have predicted the impact a global pandemic would have on their membership? No. But as we look ahead at life in the "new normal," companies who stay ahead of the curve and changing consumer needs will continue to thrive.