It has grown dramatically since launching in 2012, with around 6M subscribers for access to their classes. As well as producing all the hardware itself, it also benefits from network effects. This gives Peloton a strong competitive moat as it scales.

Along with its signature bikes, Peloton has broadened its range to include treadmills, guides, apps, accessories and clothing. Having performed incredibly well over the last few years, the company is now seeing a slow decline in demand, announcing that its total annual revenue for 2023 fell 6%. Peloton is planning to reduce its capital expenditure and is attempting to harness business clients' corporate wellness spending to address this going forward.