SoulCycle’s Ploy to Convert Peloton Members

SoulCycle wants Peloton members to ditch their smart bike in exchange for IRL classes.

What’s the deal: An attempt to lure lost riders back, or gain new ones, 100 Peloton owners willing to part with their hardware (Bike or Bike+) will receive 47 in-person SoulCycle classes.

What it means: A marketing stunt, SoulCycle is taking a shot at Peloton to generate some buzz. And, we did write this, so… it kind of worked.

Still, if SoulCycle was riding high, it probably wouldn’t need a tactic like this.

Of note, the promotion made no mention of SoulCycle’s own at-home bike, raising questions about the device’s traction and the company’s omnichannel strategy.

Zooming out: Over the years, Peloton founder John Foley said things like, “We’re not trying to be better than SoulCycle. We are better than SoulCycle.” Then, when the pandemic hit, Foley and others pronounced gyms/studios dead. Now that the tide has turned, SoulCycle clearly hasn’t forgotten.

Takeaway: Gaining 100 Peloton converts or some press won’t propel SoulCycle back to its 2010s heyday. More pressing, in this economy, expensive cycling classes and pricey connected bikes present the same issue.