Did you see that many who got laid off were able to log into the “all people” meeting with the new CEO and raise a ruckus?
I’m scratching my head wondering why the heck they had a 14,000 employee workforce, now downsizing to around 11,000, if my math is correct. That’s a LOT of headcount for glorified exercise bikes and such.
“That’s the gift that keeps on givin’ the whole year”!
Big Tech is about to buy it. Trying to make it a more attractive acquisition.
“The Peloton monthly membership will be complimentary for impacted team members for an additional 12 months,” Peloton said in its press release about the layoffs. That’s in addition to a “meaningful cash severance allotment” that’s determined “based on job level and tenure” with the fitness company, alongside several other benefits.
meaningful cash severance allotment in quotes.
I wondered how many people could actually afford the expensive exercise bikes and expensive subscriptions. I guess Peloton hit critical mass. I started back on my recumbent stationary bike this year. I try to do 10 miles a day with the bike set to go over several hills of different size. I watch an episode of some show or other which helps me forget how long I’ve been pedaling. I don’t need some motivational trainer spurring me onward.
For those unaware, Peloton is primarily Internet-connected stationary bicycles and treadmills that enable monthly subscribers to remotely participate in classes via streaming media. A fairly niche market. (Or at least I consider it to be.)
Funniest thing I seen in a while.
Did some for morale here.
Can’t believe they are a $3.5 Billion dollar company...
I use a real bike on a real road.
I was a telephone installer in the years leading up to Y2K. The sales staff were using Y2K to sell phone systems and boy were we busy. Year 1999 was a record breaking year for the company... then 2000 hit.
We were not the only ones and so when Y2K came every business that wanted or needed a phone system had one... there were few old systems left. Within months most of the employees were let go, a few sales men, few techs and office staff.
They in effect ate their seed corn.
Peloton is in the same position, every one that wants and can afford their equipment has it and so all they have is the subscription service. The problem is people buy exercise equipment and gym memberships all the time and soon lose interest. Their boom years are over.
The reply to the personal injury lawsuits sunk the brand also aided by the wave of free money and isolation during the lock downs...
A friend demo’d a Peleton for me. Couldn’t stand the way the chic on the screen kept calling him, “Peleton!”
“Let go, Peleton!”
“You got this, Peleton!”
Who’s doing the workout? Me, not fraken Peleton. My name ain’t Peleton.
The workout was a big free add for Peleton. No thanks.