Perhaps don’t be so confrontational when people disagree you and you wouldn’t be getting as many downvotes?

But it would be easy to see peloton fitting in with gym classes for people that like to work out everyday but adding 1hr around a gym class to travel and get ready on days that time may not be available

The downvotes were before the edit.

Your comment is a bit strange: what makes you "well-versed" - that is an honest question.

I'll attempt to change your mind with a bit of math. And some context. I've used/use Peloton, Zwift, Future, and finally brick-and-mortar 24 Hour Fitness and Equinox.

My EQX membership is $240/month. My Peloton membership is $40/month.

You're saying that people are going back to the office and want their classes/gyms, but that's not exactly true. I'm going back to the office, at most 3x a week, typically 2x a week. Work in Manhattan, live in Westchester County (30 min commute).

$240 / 8 visits per month (2x per week) = $30 per visit. $240 / 12 visits per month (3x per week) = $20 per visit.

That $240 made sense when I could go to the gym 4x+ per week. And use multiple locations linked to the membership. It's now a very expensive line item on my credit card statement for doing something 8x per month.

Meanwhile, I can hit 2 or 3 Peloton classes per day, for $40 per month. Some of the most basic supplemental equipment (bands, dumbbells, etc.) can go a long way with some care after dealing with their upfront cost.

So, I agree with you that people want their gyms and classes but I don't agree that people are willing to pay for things they can't physically use as often. Meanwhile, anything you've built up at home is right there waiting to be used with almost no lost time.

>"Peloton, SoulCycle, Mirror value proposition never made any sense to me."

To be fair Peloton was doing ok before pandemic I think. They got disproportionally hyped since pandemic and now returning back to what is realistic value. Myself, I would not touch it with a wooden pole but that's just personal preferences - I do not participate in organized activities. Do everything on my own.

The narrative around Peloton is kind of strange to me. They were doing pretty well before the pandemic, then the pandemic hits, and they spent like this hockey stick growth is permanent and not just a trend, and then went in odd directions- focusing their energy on Peloton stores that sell apparel, for one example. Using that growth to move into different fitness areas and expand on their core product- interactive gamification based fitness- would have made a lot of sense to me- heart rate monitors that actually work, maybe weights that can detect how many reps you did that show up on a weight class leaderboard, would all fit in with the brand's draw. Trying to become the next Lululemon, I mean its not the worst idea I have ever heard, but it kind of goes against the idea of a relatively low fixed cost business model that can scale infinitely with almost zero incremental cost per user.

But the narrative that they are essentially a failed company, when they are still growing their user base, and haven't even really done much of an international expansion, is so far off from the reality that their management just spent money like drunken sailors on new businesses that no one wanted.