SoulCycle, New York, on March 10 unveiled its new $2,500 at-home bike along with a subscription-based content platform that, at a cost of $40 per month, will allow customers to access classes from sister brands Equinox, Pure Yoga and Precision Run.
The bike will be available for pre-sale on March 13 to customers in New York, Los Angeles, Chicago, Houston, Dallas and Austin, with additional cities being added at later dates, according to SoulCycle's website.
The bike's content can be streamed via its 21.5-inch high-definition display monitor or via Equinox's new Variis app. The cost of a single bike ($2,500) includes shipping but not tax. Bikes will be delivered pre-assembled to customers' homes and are protected with a limited one-year warranty for the monitor and components and a five-year warranty for the frame.
Customers who purchase a new SoulCycle bike will also receive a voucher for five free in-studio classes.
SoulCycle first announced it was developing an at-home bike in August 2019. Then, in January 2020, SoulCycle parent company Equinox Holdings Inc. announced it had secured an investment for an undisclosed amount from California-based Silver Lake Partners, a technology-centric private equity firm with $43 billion in managed assets. On Jan. 9, Bloomberg reported that the investment was, in part, intended to help Equinox compete with rival Peloton.
In other news, Flywheel Sports, recently informed its Flywheel At Home customers that it is discontinuing its at-home service effective March 27, after its recent lawsuit settlement with competitor Peloton.
Furthermore, Flywheel and Peloton reached a special agreement that will allow displaced Flywheel customers to trade in their at-home bikes for refurbished Peloton bikes at no additional cost, other than the $39 monthly fee for Peloton's membership service.
Flywheel currently operates 29 cycling studios that were recently acquired by New York-based Town Sports International (TSI) for a principal amount of $25 million. Peloton has two studios in New York and one in London, but most of its business is online.
SoulCycle currently operates nearly 100 studios across the United States, United Kingdom and Canada.