The slowdown of the peloton is here, new financial data show.

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

  • Whether (or when) the boom times will subside could be an important indicator of whether the colossal training economy has changed permanently.

Data: company registrations. Diagram: Axios Visuals

What’s new: Peloton’s connected fitness subscribers – people who own a bike and pay a monthly fee for lessons – rose to 2.3 million.

  • But look at the table above. For the first time since the pandemic, the number of users added during the quarter slowed.
  • And these subscribers worked less well: an average of 20 times a month in the last quarter – a decrease compared to the same time a year ago (approx. 25 trips) when people were more likely to be stuck at home.

But, but, but: Results were hurt by a recall of its treadmill product that stopped sales – a major reason the company lost money in the last quarter. Sales will resume next week.

  • Remarkable: It again drops the price of its cheapest Spin bike by $ 400 to $ 1,495.

Flashback: Peloton saw unprecedented (and likely unrepeatable) demand for its equipment and courses as the economy closed and gyms closed.

  • “Last year was a turning point for the connected fitness industry with a significant increase in awareness and demand,” said CEO John Foley in a press release.

What to see: Popular gym chain Planet Fitness said this month It has brought back 75% of the members who were lost during the height of the pandemic, a sign that gyms are not dead.