SoulCycle isn’t pulling any punches with its latest campaign that offers Peloton users free in-person classes… if they trade in their bikes. The move comes while Peloton is still dealing with excess inventory after misjudging post-quarantine demand.
“We’re dead set on seeing you back with your pack, so we’re giving you the opportunity to trade in your bike for the equivalent value of in-studio classes at SoulCycle,” reads SoulCycle’s Souls Reunited campaign site.
According to SoulCycle, that translates to 47 classes added directly to the user’s SoulCycle account. The offer is open to the first 100 people to trade in their bikes so long as they live in the contiguous United States. That said, there are a few other caveats. Users must live within 20 minutes of a SoulCycle studio, have not taken a class since March 16th, 2020, or be first-time SoulCycle goers, and own a Peloton Bike or Bike Plus. The offer went live yesterday and will run through August 3rd. Those chosen for the program will hear back sometime between then and August 12th.
The campaign was also accompanied by a spicy Instagram post displaying a prominent “F*ck It, Let’s Ride” motto. While the pettiness is entertaining, it underscores one of Peloton’s biggest struggles at the moment: excess inventory.
It’s no secret that Peloton’s financial fortunes have backslid from the highs it reached during the peak of the pandemic. A major contributing factor to that was Peloton misjudging demand for its products once lockdowns ended. Overall, the trend in connected fitness is of users adopting a hybrid model, where they exercise both at home and in the gym or boutique fitness studios. From that lens, SoulCycle’s move not only deliberately digs at Peloton’s hardware woes, but it’s also speaking to people primed for a return to in-person classes. This is despite the fact that SoulCycle also has its own at-home bike that plays content from Equinox Plus, Disney, and Netflix.
The Verge reached out to Peloton for comment but did not receive an immediate response.