No matter how you spin it, 2021 will be a great year for cyclists: the year of hybrid, technology-enabled fitness.
My favourite example over the past few months: leave home on my Brompton bike, cycle via the park and cycle super-highways to H2 Victoria, walk up to the roof for an outdoor spinning class with workout data sent to my app. Then pick-up Brompton and cycle home, Apple Watch provides more data.
For others, hybrid means a home bike to complement in-club classes, with Peloton leading the way: 3.1 million subscribers by the end of June 2020, workouts up 75 per cent since January, Q2 20 revenue up 172 per cent year-on-year, a 355 per cent increase in market cap. A COVID winner, it must nevertheless keep pedalling to maintain growth and stay one step ahead of the growing range of cheaper players, from Apex to Echelon. My view: Peloton will have to move into health and wellness programming, plus smart watches or monitors so it can offer even more feedback. The more expensive Bike+ gives an indication that even more hardware (and software) is in development.
Because competition will only increase, with the legacy fitness equipment suppliers now playing catch-up: Technogym’s collaboration with 1Rebel in London and Revolution in Milan; BODY BIKE’s on-demand partnership with Wexer and new SWITCH bike; the Les Mills Virtual bike. Expect more in this vein.
Boutique operators are getting in on the act, too, in a COVID-inspired but now longer-term hybrid strategy. Firstlight has launched its own bike, accompanied by a range of live and on-demand classes direct from its London studio. Digme has an option to rent or buy a Keiser bike and ride in live classes via its new app. Psycle offers an at-home service and will sell you a Stages bike, plus additional workouts for barre, strength and yoga. And, of course, the SoulCycle home bike launched just as COVID hit.
Finally, the home cycling picture wouldn’t be complete without a nod to esports and gamification, where Zwift commands a dominant position: 2.5 million accounts across 190 countries, a growth rate of over 200 per cent per month during lockdown, US$450m in new funding. As the main sponsor of the Tour de France on ITV4, it hosted a virtual Tour that saw pro cyclists compete. In December, it hosted the platform for the inaugural UCI Cycling Esports World Championships. Zwift, and esports more broadly, will continue to grow.
Yet all that said, boutiques and cool indoor cycling studios hold a trump card: an emotional and intelligent connection to the consumer. Peloton has the best combination of hardware and software I’ve tried so far, the UCI Esports Everest Challenge was fantastic, BODY BIKE on-demand’s Ride the World Valley of Fire Challenge – yes! But ultimately the setting, music, gangster instructors and connection with the grupetto will keep drawing me back to the studio. The future is hybrid, not digital-only.