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Peloton more than doubled its customer base since 2018 while the number of SoulCycle attendees, meanwhile, declined nearly 10 percent, according to the report.
The at-home bicycle comes with a built-in, WiFi-enabled screen for users to livestream workouts with celebrity instructors on-demand. The cost for a bike starts at $2,245 or $58 a month, plus the cost of a membership which is $39, according to Peloton’s website. With equipment and the subscription, it would cost a user around $3,000 for the year.
To compare, the average cost of a one-year gym membership in the U.S. is nearly $700. Peloton has made its pricing more accessible, however, appealing to consumers who do not have to purchase equipment and can instead stream workouts like HIIT (high-intensity interval training) or yoga via its app. The new price for the home-fitness company’s digital-only subscription service is $12.99 a month, down from $19.99, the company announced in December.
Americans seem to be willing to invest more in health and wellness. Sixty-one percent of people spend up to $175 per month and $2,100 a year, on exercise, according to a survey from ASweatLife.com, slightly under what it costs to purchase a piece of Peloton equipment.