SoulCycle is looking to cash in on Peloton riders who have grown weary of exercising at home alone.
In its new “F— It, Let’s Ride Together” campaign, SoulCycle is allowing riders to exchange their Peloton bikes for 47 in-studio SoulCycle classes that can be used at 83 locations nationwide. The package is valued at $1,400, just shy of the price for a standard, new Peloton, which retails for $1,445.
The limited-time promotion, which runs from July 27 to August 3, and includes complimentary pick-up service, is available to the first 100 people who apply through the company’s website.
“Riding in a studio is an unrivaled experience, adding a much needed dose of intoxicating energy and an electric atmosphere into our workout routines, and we missed this during the pandemic,” SoulCycle CEO Evelyn Webster said in a statement. “This offer is about saying ‘we hear you’ to those who want those feelings back, and giving them the chance to ride together, not solo.”
A spokesperson for Peloton told Insider the company had no comment. SoulCycle said the program is not sponsored, endorsed by, or otherwise affiliated with Peloton.
While Peloton operates its own buy-back and resale program, riders are also increasingly opting for third-party platforms to pawn off their machinery. On Twitter, some have noticed an uptick of Peloton bikes available on sites like Craigslist and Facebook Marketplace.
While SoulCycle does not publicly report sales, Peloton struggled to maintain its early-pandemic momentum. In its most recent earnings call, the company reported revenue dropped to $964.3 million in the third quarter of 2022, down from $1.3 billion during the same period the year prior.
The SoulCycle campaign also comes following a particularly rocky past few months for Peloton. Earlier this month, the company announced it would no longer manufacture its own equipment, and that for the duration of 2022 it would shutter Tonic Fitness Technology, a production facility in Taiwan the company acquired in 2019.
In February, Peloton co-founder John Foley stepped down as CEO. The company announced it was slashing 2,800 jobs, or 20% of its workforce, and was halting plans to build its own production facility in Ohio.
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