Mark Ritson’s Post

"I'm not dead yet..." This one hits a little too close to home as someone who rides 50+ miles a day, and has managed my physical and mental health for the last 6 years through Peloton. I have reconnected with music, I get to compete/ride whenever I want, and do it in the comfort of my own home. While I bought a bike, I ended up investing in myself. I understand (and agree with) your arguments, and yes, the hardware first model appears inherently flawed. They are trying to 'sell more hardware' through distribution arrangements and are partnering with hotels - mixed results. They've also expanded to tread and rowers - good start. On the content side, they collab with music artists, use gamification and drive engagement with great instructors who are amazing story tellers. And they've cut back on frivolous spend to have their expense more in line with the business they are now vs. the bubble business of the pandemic. My question for you...isn't there something between death and world domination? Can't they be a great company that continues to innovate, build community and provide an amazing product/service/lifestyle to people (like me), while maybe not being the best Wall Street darling?

Disagree, they’ve done a tremendous job building evangelists / connection to the instructors and each other. Habit-building programs include 4 week strength programs, live rides… Peloton has been a GODSEND when I only have a squeaky 30mins in my day but still need to get something in. We have the Tread and the Bike+, I’ve done live classes in London and NYC (happened to be on a Tread next to DJs Showtek, what a random perk!). If you’re not part of the community you don’t “get it” but isn’t that the hallmark of any great community?

The one space I adore, my gym. Having a space for peloton, keeps me mentally and physically feeling great. Met incredible people, in the best shape of my life. Fitness brands, if successful have fads, the bandwagoners come and go, but those that are in it for the long haul will remain. Bringing studio experiences to parts of the world that don’t have a studio, I think is super important. Just one experience for members a year, a festival riding together, a one day tour festival, would do absolute wonders for the Aussie community. Until then, I know for sure that the peloton community is one passionate group, especially those down under

Never quite understood the appeal of Peloton but I think crucial to their continued failure is a lack of targeting. You're right to say "home exercise is lonely, hard and lacks the accountability of a gym" but I'd counter with Zwift which recently also purchased Rouvy. They know their audience and what makes them tick. Cyclists at home, with fans full on but as you say - they pull with subs and are now pushing with hardware. But ultimately, I think they just know their audience a shit ton more than Peloton ever did.

Mark Ritson, this is a brutal but fair autopsy (as usual :-). The push vs. pull framing cuts right to the heart of it. Peloton mastered acquisition but clearly didn't manage to build the habit and belonging that sustains a brand long-term... Just coming back from Seoul, I cannot stop myself referring to the experience! Korean brands come to mind, especially in places like Seongsu. Beauty, fashion brands, and even financial institutions are turning physical spaces into genuine community hubs: immersive, participatory, worth returning to. Peloton sold the dream of community but delivered a screen in a corner. The social and community layer never materialised in a meaningful way. Brands like Gentle Monster, ADER ERROR, and BlueElephant build the real experience in physical space. People keep coming back because something new and different is always happening there. They return expecting to be surprised, and they never leave disappointed. None of these brands lead with just a brand mission statement. They lead with something people can feel. GENTLE MONSTER built stores so people forgot they were buying glasses. That is exactly what I think, Peloton never figured out. The pull is not a mechanic. It is a feeling you keep creating.

Absolutely love Peloton! The bike, the instructors, the community, the strength programmes, the artist series and collaborations. I’m still a heavy user (easily done, as no habit change is required) of the app, but I’ve downgraded to the mobile-only subscription now rather than the screen on the bike. And every now and then, I catch myself quietly hoping for some shift or collapse 👀 to give me permission to reclaim that corner of the living room the bike has taken over. Great summary!

They have a concession in John Lewis Kingston (and have had for years). I have never ever seen anyone go anywhere near it. Theres a bike, maybe 2, a treadmill, a tiny rail of 4 items of clothing and a cash register. I always see a member of staff sitting there, sometimes two......but never ever a customer

Really interesting read Mark. I'm really interested to see where they attempt to move the business and the brand next to try and turn things around. The COVID boom definitely launched the brand, but as world resumed to "normality", I think expectations didn't. They could definitely do with looking forward and seeing where their audience is and what that looks like.

Mark, My serious bike-riding friends put their bikes on roller stands for the winter, hook up to a low priced biking community app (which they use in summer to geo-track their actual stats). Costs a fraction of Peloton.

Fitness is a tough behaviour change even in ideal conditions. Charismatic instructors and leaderboards helped some super users, but they weren't enough for the average buyer.