Founded in the United States in 2012, Peloton is a fitness equipment and online media company based in New York City. The company's main product is a stationary exercise bike, while it has also recently launched a state-of-the-art treadmill range. This treadmill, however, has recently been in the news for all the wrong reasons. Following a series of safety concerns, including the death of a young child, Peloton recalled thousands of Tread and Tread+ machines in the United States. The treadmills sold in the United Kingdom were also recalled over fears that the display consoles could fall off the machines. The level of trust in the Peloton brand among users and customer satisfaction with the brand's exercise equipment nevertheless remain high.
Peloton's online offering
The other aspect of Peloton's business model is its online monthly subscription service, which gives users access to remote fitness classes, often led by Peloton's celebrity instructors in categories such as strength, stretching, and cycling. This subscription service has seen its user numbers worldwide reach well over two million for the first time in 2021, marking more than double the number of subscribers in the previous year. While the company originally retailed only in the United States, it has since expanded into Canada and parts of Europe. The impressive growth of Peloton can be seen in the company's annual revenue, which has risen from under 220 million U.S. dollars in 2017 to over four billion U.S. dollars in 2021. While the majority of this revenue was generated in North America, the revenue made in the rest of the world also increased over threefold between 2020 and 2021.
Revenues are moving up through the gears
While Peloton's own range of exercise equipment does not come cheap, it has certainly proved popular among consumers. In 2021, the company's annual connected fitness product revenue stood at almost 3.15 billion U.S. dollars, over twice the revenue from the year before. Meanwhile, revenues from Peloton's subscription service have also seen a significant increase in recent years. The Peloton Digital Membership costs 12.99 U.S. dollars in the United States and generated a total of over 872 million U.S. dollars in revenue worldwide in 2021.
Fit at home - impact of COVID-19
The growth in popularity of the fitness company was no doubt accelerated by the coronavirus (COVID-19) pandemic, which forced many gyms and health clubs across the world to close. During periods of lockdown and quarantine, fitness fans had to find ways to stay in shape in their own homes and many turned to online classes, such as the ones offered by Peloton, to keep themselves motivated and have the feeling of working out in a group. As a result, the number of Peloton workouts completed worldwide has risen significantly from quarter to quarter, with the company reporting a total of almost 460 million global workouts completed through its subscription service in 2021. With the ability to workout in the comfort of your own home and at a time that suits you, it seems that Peloton has tapped into a lucrative market which is set to last far beyond the lockdown measures as a result of the coronavirus pandemic. This idea was reinforced in a 2020 survey assessing Peloton users' workout intentions after the pandemic. Almost half of respondents stated that they would supplement their Peloton workouts with gym or group fitness, while only three percent claimed that they would move away from Peloton to mostly gym or fitness classes.
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In the following 5 chapters, you will quickly find the 35 most important statistics relating to "Peloton".