FITNESS FAD GRAVEYARD
Peloton's Demise Is Another In A Long Line Of Failed Fitness Fads
The at-home cycling company was riding high during the pandemic. What went wrong?
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The Lede
The connected-fitness company is struggling. Its CEO, who joined the company in February 2022, is already stepping down. The stock is near record lows. Peloton isn't going under imminently, but let's be real here: No fitness fad lasts forever. At least culturally, the Peloton graveyard is probably on the horizon, right next to the Tae Bo cemetery and ThighMaster crematorium.
Key Details
- Peloton went public in September 2019 — the same year it did that viral holiday ad with that pained-looking woman who gets a Peloton from who we can assume is her not-so-great husband.
- When COVID-19 hit, Peloton booked its first $1 billion in quarterly sales in the last three months of 2020, and its market cap peaked at about $50 billion.
- Much like other pandemic business darlings, Peloton thought the level of demand was a long-term shift, rather than a one-off event, so it invested accordingly.
