SoulCycle competitor Peloton's solution for busy people
Between work, family and life demands, getting exercise can often slide near the bottom of the to-do list. Peloton CEO and co-founder John Foley wants to fix this.
"We have two kids. The weekends are now for their activities. Mornings you've got to get them to school, and all this other stuff. Getting to the gym became harder," Foley said on CNBC's "Squawk Box."
So he and his wife brainstormed solutions.
The result is Peloton, a company that sells stationary exercise bikes that allow users to live-stream hours of exercise classes, access more than 4,000 on-demand videos and connect with other users using video camera and other functions. The company, which was founded in 2012 and has been called a spinning disruptor, also has some live classes people can attend in New York and City.
"So we said, 'Could we create a platform that would allow you to take those high intensity, high-energy, fun, effective classes (and) that allows you do that at home at your convenience, your time, your schedule, your own bike?'" Foley said.
The bike costs just under $2,000 with an additional $39 monthly subscription fee for the video content.
So far, the concept seems to be working in the competitive boutique fitness category, which includes businesses like SoulCycle and Flywheel Sports. Last year, Peloton generated about $50 million in revenue.