Need to Know
- SoulCycle is launching an at-home bike with streaming and on-demand classes as a competitor to the Peloton bike and a new entrant in the competitive smart home gym space.
- SoulCycle’s bike will be $2,500, while Peloton’s basic bike package comes in at around $2,950.
- SoulCycle will look to top Peloton’s 93% retention rate and community of 2 million cyclists.
- In order to access classes, users will have to subscribe to Variis for $40 per month.
- Self-improvement was the #1 app category in 2019.
Spin class brand SoulCycle is launching a smart, at-home bike with on-demand classes this month. In order to compete with cult-favorite Peloton, SoulCycle is throwing down the gauntlet in the battle for smart home gyms.
While the SoulCycle bike is $450 cheaper than Peloton’s basic package, it also comes with less equipment. Peloton’s starter pack includes shoes, a floor mat, a heart rate monitor, and headphones, while SoulCycle only includes cleats for cycling shoes.
Users of the new SoulCycle bike will also be committing to the class-streaming Variis app for a year ($40/month) but will have access to all the classes from SoulCycle’s parent company Equinox Group, including Equinox, Pure Yoga, Precision Run, and HeadStrong.
SoulCycle is following the trend of other companies like Tonal (for weightlifting), Mirror (for cardio exercises), and FightCamp (for boxing) by expanding into the smart gym market with this new bike. Equinox has also teased a smart treadmill to be released later this year.
SoulCycle isn’t looking for these at-home bikes to replace its studios, but to complement them.
“Our members like to be in a physical space, they love to be in our clubs,” said Jason LaRose, CEO of Equinox Media. “Digital becomes an ‘and’ answer for them and not an ‘or’ answer … It’s really the intersection of digital and physical that makes this a very different concept to begin with.”
SoulCycle launches its bike soon after a Peloton competitor, Flywheel, lost a patent infringement lawsuit to Peloton and was forced to discontinue their at-home spin bike.