Back to Normal – it was all Spin as the Wheels came off
Back to normal, it was all spin as the wheels of the indoor exercise bike industry came off.
Peloton, the maker of tech-connected exercise bikes, saw its losses spiral in the first three months of the year, as the popularity it enjoyed during the pandemic faded as athletes could once again engage in outdoor sport along with outdoor gyms and outdoor exercise classes.
It seems a distant memory but not long ago we were all scared to go outside for a bike ride or a run as we may pass several other like-minded people in need of exercise because of the fear of their heavy breathing, sweat-shedding by the truck load and no mask-wearing.
Statistics tell us that to the vast majority of the population exercise is an abhorrence to be totally avoided which, may explain why, during the pandemic, so many people use to shout out of the car window that I shouldn’t be out exercising unless it was for essential business. And there was me thinking: ‘not exercising could be more damaging than Covid’.
With this in mind, it is easy to understand why Peloton was the toy of choice which, could be described by some as the pandemic’s most expensive clothes horse. Peloton was the first to really capture outside of a spin studio, structured home exercise with no time constraints, readily available and a better alternative than bingeing on biscuits and Netflix while stuck indoors.
A Peloton, by the way, is an indoor exercise bike that comes with an app with loads of classes built in, so you can have someone shout at you while you cycle. They do treadmills and things as well. Priced from £1,750 to £2,745 (plus a monthly fee of £12.99 to £39 for its optional pre-recorded or live classes with instructors).
We should not forget that Peloton was being courted by celebrities and politicians across the globe. If the 79-year-old President of the United States, Joe Biden, could not stop spinning and virtual high-fiving his Peloton each morning, what could go wrong?
Well, while one can find solace in exercising alone, we have, nonetheless, been cut off from human interaction and living in dark times with solo exercise. Working out with other people can be more motivating and more fun. When it comes to outdoor exercise, the sky’s the limit and there’s no comparison between cycling on an exercise machine and cycling uneven terrain outdoors and feeling the wind in your hair.
Peloton marketing was all about discovering an immersive cardio experience that would keep you coming back for more. Yet, its latest heart attack includes missed revenue targets; turnover forecasts slashed and a bigger quarterly loss than anticipated and the company now finds itself in desperate need of resuscitation.
The Peloton story is being played out on all indoor training platforms. Zwift have recently announced they are scaling back their hardware offering and pausing plans to launch a smart bike citing ‘turbulent times’ economically.
There is still growth in the indoor cycling space but it is unlikely to ever get back up to the dizzy heights seen during the pandemic.
As quick as these indoor training platform companies become ‘lockdown winners’ they are now fast becoming the ‘reopening losers’ as we all begin to adjust back to a normal way of life.
What these companies failed to grasp is outdoor fitness and the added dose of nature to your exercise routine boosts the mind, body and soul as well as the cardio experience. Basically, we were all craving the ‘old normal life ’ as there is nothing more potent than the power of ‘green exercise’.
