Peloton is a media and exercise equipment company primarily making money making money via its fitness products. The idea for the company came from John Foley, who argued that technology could help time-poor individuals get a full workout at home. The company competes with other players like Bowflex, NordicTrack, Life Fitness, MYX Fitness.
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Competitor Description Key Insights Competitive Overlap Differentiation SoulCycle A high-end indoor cycling studio chain known for its immersive and energetic spinning classes. SoulCycle competes with Peloton in the indoor cycling and fitness class market. SoulCycle offers in-studio spinning classes and competes with Peloton in the indoor cycling and fitness class segments. Both compete in the indoor cycling and fitness class market, but SoulCycle emphasizes in-person classes and community experiences. SoulCycle’s focus on in-studio, instructor-led classes and community. NordicTrack A brand of exercise equipment, including treadmills, ellipticals, and stationary bikes, offering home fitness solutions. NordicTrack competes with Peloton in the home fitness equipment market. NordicTrack provides home fitness equipment and competes with Peloton in the home fitness equipment market. Both compete in the home fitness equipment market, offering stationary bikes and other exercise equipment, but with NordicTrack’s diverse product range. NordicTrack’s variety of home fitness equipment options. Mirror A smart fitness mirror that offers on-demand workout classes and real-time feedback, combining technology and fitness. Mirror competes with Peloton in the home fitness and tech-driven exercise market. Mirror offers tech-driven home workouts and competes with Peloton in the home fitness and tech-driven exercise segments. Both compete in the home fitness and tech-driven exercise market, offering on-demand classes and interactive fitness experiences, but with Mirror’s unique mirror display. Mirror’s interactive mirror display for workouts. Echelon Fitness Echelon Fitness provides connected fitness equipment, including stationary bikes and rowers, with access to live and on-demand workout classes. It competes with Peloton in the connected fitness equipment and classes market. Echelon Fitness offers connected fitness equipment and competes with Peloton in the connected fitness equipment and classes segments. Both compete in the connected fitness equipment and classes market, offering bikes and rowers with live and on-demand classes, but with Echelon Fitness’ affordability focus. Echelon Fitness’ affordability and range of connected equipment. Orangetheory Fitness Orangetheory Fitness is a fitness studio chain known for its science-backed, high-intensity interval training (HIIT) workouts. Orangetheory competes with Peloton in the fitness studio and HIIT workout market. Orangetheory Fitness offers in-studio HIIT workouts and competes with Peloton in the fitness studio and HIIT workout segments. Both compete in the fitness studio and HIIT workout market, but Orangetheory emphasizes group classes and heart rate monitoring. Orangetheory’s group HIIT classes and heart rate-based training. Beachbody Beachbody offers fitness programs, nutrition plans, and at-home workout videos, including popular programs like P90X and Insanity. Beachbody competes with Peloton in the at-home workout and fitness program market. Beachbody provides at-home workout programs and competes with Peloton in the at-home workout and fitness program segments. Both compete in the at-home workout and fitness program market, offering video-based workouts and fitness programs, but with Beachbody’s focus on a variety of programs. Beachbody’s diverse lineup of fitness programs. MYXfitness MYXfitness offers connected home fitness equipment, including stationary bikes and rowers, with access to personalized workouts and coaching. It competes with Peloton in the connected home fitness equipment market. MYXfitness provides connected home fitness equipment and competes with Peloton in the connected home fitness equipment market. Both compete in the connected home fitness equipment market, offering bikes and rowers with personalized workouts and coaching, but with MYXfitness’ affordability and focus on heart rate-based training. MYXfitness’ affordability and personalized heart rate training. Barry’s Barry’s is a fitness studio chain known for its signature Barry’s Bootcamp classes, combining cardio and strength training. Barry’s competes with Peloton in the fitness studio and high-intensity workout market. Barry’s offers high-intensity fitness classes in-studio and competes with Peloton in the fitness studio and high-intensity workout segments. Both compete in the fitness studio and high-intensity workout market, but Barry’s specializes in in-person classes that combine cardio and strength training. Barry’s in-studio high-intensity classes and blend of cardio and strength training. Fitbit Fitbit is a wearable fitness technology company known for its activity trackers and smartwatches that monitor fitness metrics. Fitbit competes with Peloton in the wearable fitness technology market. Fitbit offers wearables that track fitness metrics and competes with Peloton in the wearable fitness technology market. Both compete in the wearable fitness technology market, but Fitbit focuses on activity tracking and health monitoring through wearables. Fitbit’s activity tracking and health monitoring features. Les Mills Les Mills provides fitness classes, including BodyPump and BodyCombat, which are licensed to fitness studios worldwide. Les Mills competes with Peloton in the fitness studio and class licensing market. Les Mills offers licensed fitness classes to studios globally, competing with Peloton in the fitness studio and class licensing segments. Both compete in the fitness studio and class licensing market, but Les Mills specializes in providing classes and programs to fitness studios and gyms. Les Mills’ licensed fitness classes for studios and gyms.
Origin Story
Peloton is a media and exercise equipment company headquartered in New York City.
The idea for the company came from John Foley, who argued that technology could help time-poor individuals get a full workout at home. Today, Peloton is a much-celebrated company. It produces a stationary bike with a high-definition touch screen so that users can follow along with live or pre-recorded classes.
The company also offers a similarly configured treadmill and in April 2012, acquired commercial-grade workout machine manufacturer Precor USA for $420 million.
Despite the popularity and effectiveness of the Peloton business model, its products are known to be expensive. There are also several well-established companies in the industry with large user bases, with many updating their offerings to capitalize on fitness-focused consumers during the pandemic.
Quick Glance At Peloton Business Model
Read Also: Peloton Business Model.
With that said, let us look at some of the major Peloton competitors.
Bowflex
Bowflex is one of the established players we spoke about in the introduction having been founded in 1986. Now known as Nautilus Inc., the company owns Schwinn Fitness and Stairmaster, among others.
In terms of product range, Bowflex products now encompass smart activity trackers, cardio machines, adjustable dumbbells, and complete home gyms. But it is their VeloCore exercise bike that puts it in direct competition with Peloton. The bike is known for its ability to simulate a real ride by tilting and leaning, simulating muscles in the core, arms, and back.
Bowflex users can also sign up for a membership plan with access to on-demand classes and popular streaming services.
NordicTrack
NordicTrack’s s22i cycle is another that gives a more realistic ride and can be tilted upwards or downwards for better muscle engagement. The bike also uses a silent magnetic resistance system which improves fluidity and reduces operational noise.
Nordic Track’s attached membership, iFit, gives customers access to typical bike-oriented fitness classes in addition to classes on mindfulness meditation. Importantly, iFit membership comes with a one-year free trial. This gives it a major competitive advantage over most over services – including Peloton.
Life Fitness
Life Fitness is arguably the main Peloton competitor. Founded in 1977, the company has a large and dedicated following and was the first to develop a stationary electric bicycle.
Life Fitness stationary bikes are known for the integration capability, compatible with the Apple Watch and Samsung Galaxy smartphone. It is also compatible with a growing list of partner apps, including MyFitnessPal, Garmin, Nike, Fitbit, and Jawbone. The company also sells two recumbent bicycles with similar features.
MYX Fitness
MYX Fitness is a relative newcomer to interactive fitness, having only been established in 2017.
However, its MYX fitness bike is a serious challenger to the Peloton offering – despite the uninspired name. The MYX bike is half as expensive as the Peloton bike and has a swiveling, 21.5-inch touchscreen.
The MYX fitness streaming service is also much cheaper at only $29/month. However, it should be noted that the service does not offer live classes or competitions. This will suit users who prefer to exercise with privacy.
Key takeaways:
- Peloton is a media and exercise company founded in New York City in 2012. It was created to give time-poor individuals a convenient way to enjoy a full workout at home.
- Peloton offers a range of successful if not expensive stationary bikes and treadmills. Many Peloton competitors have pivoted to offering similar products after the explosion in remote exercising during the COVID-19 pandemic.
- Peloton’s main competitors are Bowflex, which offers a bike that stimulates more muscles during exercise. Companies such as NordicTrack and Life Fitness are also serious competitors, in part due to their established presence in the industry, competitive features, and subscription pricing.
Key Highlights
- Bowflex (Nautilus Inc.):
- Bowflex offers a range of fitness products, including smart activity trackers, cardio machines, adjustable dumbbells, and home gyms.
- The VeloCore exercise bike by Bowflex competes directly with Peloton and offers a realistic ride experience by tilting and leaning.
- NordicTrack:
- NordicTrack’s s22i cycle provides a realistic ride experience by tilting upwards or downwards for better muscle engagement.
- The company’s membership, iFit, offers a variety of fitness classes and even mindfulness meditation sessions.
- Life Fitness:
- Established in 1977, Life Fitness is a major competitor known for its integration capabilities, compatibility with wearables like Apple Watch, and partner app compatibility.
- Life Fitness offers stationary bikes and recumbent bicycles with features similar to Peloton.
- MYX Fitness:
- MYX Fitness is a newer entrant in interactive fitness, offering the MYX fitness bike at a lower price point than Peloton.
- The MYX bike features a swiveling touchscreen and offers a more private exercising experience.
- MYX’s streaming service is more affordable compared to Peloton, although it lacks live classes.
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