Peloton is a media company as well as an organization offering exercise equipment and lessons. The organization was established in 2012 but got launched the following year. With its headquarters in New York, the company produces stationary bicycles. As a user, you can use this equipment to get involved in the regular spinning classes they offer. To access these classes, you’ll need to stream the sessions recorded at their fitness studios. Accessing Peloton’s services will require you to subscribe for the same at a fee. The subscription fee is charged annually. Below is a brief summary of the organization. Read on.
Almost a decade ago, a noble idea was shared and a great course started. The vision bearers were Graham Stanton, Hisao Kushi, John Foley, Yong Feng and Tom Cotese. The idea was Peloton. A public company was established and a year later, in 2013, the organization was launched.
Since its inception, Peloton has seen a lot of changes happen all in the favor of the company. One significant move made was that done in 2017 when William J. Lynch was allowed to join the organization as the president. More significant event in the company’s history were to follow.
A year later, in 2018, the company made an announcement making obvious its plans to venture into new markets. Canada and UK were the new target markets. A month later, another strategic decision was made. Peloton made an acquisition and the organization being taken over was the popular music distributor called Neurotic Media. This was in a move to attract more business and stamp its position in the market.
2019 was a tough year to the company. In March 2019, the National Music Publishers Association sued Peloton. With a lawsuit comes inconveniences and Peloton was to face it this time. Apparently, Peloton used copyrighted music while lacking synchronization licenses. The damages were valued at $150million. That is the amount the Publishers Association sought in damages initially. That did not last for long. Six months later, the amount went up to $300 million. The doubling of this amount complicated matters even more. Other than that, Peloton continues to strengthen its hold of the market.
Peloton’s chief executive officer is John Foley. The president is Willian J. Lynch. With these two at the helm, Peloton strategic decisions are well taken care of. Being among the founders, John Foley fully understands the company’s mission and vision and that is why the company is headed in the right direction. With the central power in New York, the company has 37 retails and 2 studios.
Their services include fitness classes and subscriptions. As at 2020, the number of staff stood at around 1800. This number is manageable and has proven resilient under the leadership of the CEO.
The products and/or services you offer matter big time. they determine whether your clients will stay or leave for other alternatives. Bikes, treadmills and peloton digital app are the main products selling under the Peloton brand.
Peloton’s bikes have been in supply since 2014. Using the cycling lessons streamed by Peloton, and your Peloton bike; you have everything you need to work out. The bikes are affordable. In 2017 a redesign was completed and launched for the market to consume.
The treadmill product was released in 2018. At the moment, there is work in progress to develop cheaper treadmills. This will make it accessible to more buyers considering the current version is limiting to those with tight budgets.
From their prices, it is clear Peloton targets the high class. Although, there are works on going to produce cheaper products to accommodate more. Other than price, purpose is also key in Peloton’s market segmentation. Physical exercise enthusiasts make the majority of Peloton’s clients. Quality products and interactive sessions remains the company’s competitive edge.
Nothing excites me like a lively site. Peloton’s site is onepeloton.com. On opening the site, you will land on an exciting homepage. Top right of the page are two buttons, the menu tab and shopping basket. The menu leads you to their products, studios and gives you a sign in option. On the other hand, the shopping basket allows you to buy the products you want on their page.
To navigate the page is easy. All you need to do is scroll up or down. The site is also user friendly and scores well when it comes to mobile friendliness. At the bottom of the page are social media buttons you can click and land on their social media platforms. The social platforms are the best places to engage the Peloton community.
Also at the bottom of the page is Peloton’s about section. It is at this section where you can learn more details about Peloton. Knowing a company’s information is critical whether you want to invest or buy more of their products. It guides you to proper decision making.
Think about the pain you stand to go through if you bought a Peloton product only for it not to end up serving its purpose. It would hurt! Peloton does not let you go through that pain. They have a standby support team which will offer you assistance any time you need it. To reach out to them, you may press the Support button on their website or engage the Peloton community through their social media platforms. Some of the paths to get to the support team is either via phone call or live chat. Both are equally effective. The company also offers warranties to their products.
Peloton has had its own fair share of problems such as the lawsuit against them in 2019. Irrespective of that, the 2012 founded company continues to grow from strength to strength. As time goes on, we are likely going to see more products supplied and a growth in community membership. As the company expands its customer base through more diverse products and strategic acquisitions, competition continues to grow. With close to 1800 employees working under the able CEO only time will tell whether this company is here to stay or not.