SWEATING TOGETHER

A business book offers an extended case study of the fitness phenomenon Peloton.

Miller tells this story utilizing an intriguing dual perspective—that of an academic with an interest in entrepreneurship as well as a self-described Peloton addict. After an amusing anecdote about how he was first introduced to a Peloton bike by his wife, the author gets down to business. He weaves together the tale of his own emerging enthusiasm for Peloton with an informed and thorough account of the company’s evolution. Even as Miller gets hooked on the Peloton system, he deftly relates the meteoric rise of the firm. Admittedly, it may seem difficult for the author to remain objective, so enamored is he of Peloton. But there is solid, substantive reportage here that should not be dismissed as merely a public relations ploy. On the contrary, Miller’s cleareyed observations of how and why Peloton has been so successful, particularly in growing a fanatical customer base, are salient and perceptive. In discussing Peloton’s trajectory, the author insightfully identifies attributes of the company’s business model that set it apart. One aspect he discusses is the clever combination of a piece of hardware (the bike and, later, other fitness equipment such as treadmills) with outstanding instruction. In fact, Peloton was originally unique in providing not just a stationary bike, but rich content for which users paid a monthly subscription fee. Miller rightly points out that the company effectively “merged two traditional models in the fitness space” with some modifications.

But Peloton went beyond that, developing “interactive, live instruction from some of the best instructors in the world. No one had tried this before.” This may well have been enough to distinguish Peloton, but the real differentiator, notes Miller, was community, which, he observes, “is unlike anything I have witnessed studying startups.” In fact, the community aspect of Peloton’s world is so unique that it pervades a number of chapters in the book. That is not a bad thing—Miller enthusiastically brings community to the forefront in discussing his own personal interaction with Peloton individuals and groups. He also profiles several “Pelo Celebrities”—not luminaries who do in fact use Peloton but rather “members who have become well known in the community.” The thumbnail sketches of these individuals, some of whom are social media stars, make for engaging reading. In addition to relating these personal anecdotes, the author is adept at assessing Peloton’s role in revolutionizing fitness specifically and business in general. But the content isn’t entirely positive; to his credit, Miller chronicles some of Peloton’s stumbles along the way, not the least of which include serious injuries and isolated deaths. Perhaps most intriguing is the author’s visionary thinking about the unlimited potential of Peloton’s future offerings. He believes Peloton “is on the path to fundamentally altering individual and societal approaches to health and well-being.” Still, serious challenges ahead cannot be minimized, as indicated recently in Peloton’s faltering profits, the resignation of its founder/CEO, and a round of layoffs.

A timely, authoritative portrait of a breakthrough company.