Peloton subscriber growth slows

The Peloton slowdown is here, new financials show.

Why it matters: Few benefited from the at-home fitness phenomenon ushered in by the pandemic like Peloton.

• If (or when) the boom times taper off might be a key indicator of whether the colossal workout economy underwent a permanent shift.

What’s new: Peloton’s connected fitness subscribers — people who own a bike and pay a monthly fee for classes — jumped to 2.3 million.

• But check out the chart above. For the first time since the pandemic, the number of users added during the quarter slowed.
• And those subscribers worked out less: an average of 20 times per month last quarter — a drop-off from the same time a year ago (roughly 25 rides), when people were more likely to be stuck at home.

But, but, but: Results got hit by a recall of its treadmill product that put sales on hold — a key reason the company lost money last quarter. Sales resume next week.

• Of note: It's slashing the price of its cheapest spin bike again by $400 to $1,495.

Flashback: Peloton saw unprecedented (and likely unrepeatable) demand for its equipment and classes as the economy locked down, shuttering gyms.

• “The past year represented an inflection point for the connected fitness industry, with significant increases in awareness and demand,” CEO John Foley said in a release.

What to watch: Popular gym chain Planet Fitness said this month it's recouped 75% of members lost during the height of the pandemic, a sign that gyms aren’t dead.