Talks at GS, filmed at Goldman Sachs’ Builders + Innovators Summit, Peloton CEO John Foley discussed growing the interactive fitness platform, why a key decision for growth was going direct-to-consumers and building a community through Peloton.
During the interview, Dan Dees talked to John about the origin of Peloton. He discussed how has been into technology for a long time, and he and his wife were also really into fitness. At this time at Barnes & Noble, he saw the content delivery for books were instant and digital, so he wanted to do the same for fitness.
He discussed how easy it was to raise the initial investment through $25,000 checks, but the Series A was much harder. He even joked that those initial investors have ‘done pretty well’
To reach 100 million subscribers, we have to hire the best people from Apple, Amazon, Google, etc. You are not hiring them for your business today, but for your business tomorrow
I hate the COVID dynamic. We want to win fitness in regular times. Anytime I hear about Peloton as a COVID story, I get annoyed. What we’re building is here to stay.
COVID is helping at-home fitness, but it’s not a pull-forward of demand. It’s an acceleration of demand. It’s better to work out at home. There are 35 million homes with treadmills in them. They’re crap treadmills. They want to work out at home, but it’s not engaging. CNBC found that 59% of Americans are not going back to the gym after COVID.
John also discusses why they went direct to consumers instead of channel partners like Best Buy. The entire interview is fantastic and worth a watch.
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