SoulCycle isn’t pulling any punches with its latest campaign offering Peloton users free personal lessons…when they trade in their bikes. The move comes as Peloton is still dealing with excess inventory following a miscalculation of demand after the quarantine.
“We’re all set to see you back with your backpack, so we’re giving you the option to trade in your bike for the equivalent value of studio lessons at SoulCycle,” reads SoulCycle’s Souls reunited campaign site.
According to SoulCycle, that translates into 47 classes that are added directly to the user’s SoulCycle account. The offer is open to the first 100 people who trade in their bikes as 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 16, 2020, or be first-time SoulCycle visitors, and own a Peloton Bike or Bike Plus. The offer went live yesterday and will run through August 3. Those chosen for the program will hear sometime between then and August 12.
The campaign was also accompanied by: a spicy Instagram post with the prominent motto “F*ck It, Let’s Ride”. While the pettiness is amusing, it underscores one of Peloton’s biggest struggles right now: excess inventory.
It’s no secret that Peloton’s financial fortunes have fallen from the highs it reached during the height of the pandemic. A major contributing factor was that Peloton misjudged the demand for its products after the lockdowns ended. In general, the trend in connected fitness is for users to adopt a hybrid model, exercising both at home and in the gym or boutique fitness studios. From that lens, SoulCycle’s move not only deliberately digs into Peloton’s hardware issues, but speaks to people ready for a return to personal lessons. This despite the fact that SoulCycle are too own bike at home that plays content from Equinox Plus, Disney, and Netflix.
The edge contacted Peloton for comment, but received no immediate response.