SoulCycle is pulling no punches with its latest campaign offering Peloton users free in-person classes… if they trade in their bikes. The move comes as Peloton is still dealing with excess inventory after misjudging post-quarantine demand.
“We’re dead set on seeing you back with your backpack, so we’re giving you the opportunity to trade in your bike for the equivalent value of in-studio classes at SoulCycle,” says SoulCycle’s. reunited souls campaign site.
According to SoulCycle, that translates to 47 classes added directly to a user’s SoulCycle account. The offer is open to the first 100 people in change their bikes while living in the contiguous United States. That said, there are a few other caveats. Users must live within 20 minutes of a SoulCycle studio, have not taken a class since March 16, 2020, or be a first-time SoulCycle attendee, and own a Peloton Bike or Bike Plus. The offer was launched yesterday and will run until August 3. Those chosen for the program will receive a response sometime between that date and August 12.
The campaign was also accompanied by a spicy Instagram post displaying a prominent “F*ck It, Let’s Ride” slogan. While the pettiness is entertaining, it underscores one of Peloton’s biggest struggles right now: excess inventory.
It is no secret that the financial fortunes of Peloton to have stepped back from the highs it reached during the peak of the pandemic. A major contributing factor to that was Peloton miscalculating the demand for its products once the lockdowns ended. In general, the trend in connected fitness is for users to adopt a hybrid model, where they work out both at home and in the gym or boutique fitness studios. From that point of view, SoulCycle’s move not only deliberately digs into Peloton’s hardware woes, but also speaks to people ready to return to in-person classes. This is despite the fact that SoulCycle also has its own bike at home which plays content from Equinox Plus, Disney and Netflix.
the edge He reached out to Peloton for comment but did not receive an immediate response.
