Peloton

Peloton kết hợp hardware (exercise bikes, treadmills) với subscription content (live/on-demand classes). Peloton có 6M+ members và peaked $4B revenue (2021).

Peloton là **Razor and Blade** modern: bán bike/treadmill ($1,500-4,000) at cost hoặc thin margin (razor), profit chính từ monthly subscription ($44/month) cho unlimited classes (blade). Subscription margin cao (70%+) vì digital content marginal cost ~0. Average customer lifetime: 5+ years = $2,640 subscription revenue (subsidizes bike cost). Peloton cũng **Experience Selling** - không chỉ bán bike mà bán immersive fitness experience: charismatic instructors, leaderboard competition, community (high-five other riders), metrics tracking. COVID boom: revenue $1.8B (2020) → $4B (2021) khi gyms closed. Post-COVID crash: demand plummeted, inventory pileup, stock crashed 95%. Challenge: hardware one-time purchase creates lumpy revenue, subscription churn 1.5%/month adds up.