Peloton is approaching 1 million connected subscribers, with a Netflix/Prime-like 93% retention rate,8 better margins than Apple, and vertical control over its offering. Because it can leverage its instructors across so many more customers, Peloton is a career accelerant for its instructors, whom it poaches from the likes of SoulCycle and Equinox, offering triple the compensation, equity, and a platform that offers exposure to thousands online.
