Equinox’s SoulCycle is reaping the benefits of renewed interest in in-person fitness experiences.
“They are coming back in droves, which has been great,” SoulCycle CEO Evelyn Webster told Yahoo. “We’ve seen tears of joy. We’ve seen waitlists.”
Webster says over 50% of SoulCycle’s locations are now open after many were forced to close during the pandemic. SoulCycle’s closures led to $350 million in losses last year.
In May, the company said New York’s new membership sales had increased 55%. By then, all fitness centers nationwide had reached 83% of their January 2020 traffic levels. Planet Fitness, 24 Hour Fitness, and Orange Theory have seen a surge in attendance, too.
SoulCycle is doing its best to simultaneously compete in the connected fitness space, an industry expected to reach $60 billion in the next six years.
- It started selling $2,500 stationary bikes with a $40 per month Equinox+ subscription that lets you stream SoulCycle classes at home.
- Universal Music Group’s entire catalog was licensed to Equinox+, which powers SoulCycle’s consumer bike.
Peloton — which expects $4 billion in revenue this year — and several other competitors have made at-home fitness incredibly crowded, giving more reason to re-prioritize brick-and-mortar gyms.
Before the pandemic, Equinox made over $1 billion in revenue each year with membership dues starting at $2,200. SoulCycle does not offer memberships, only pay-as-you-go or bundled class prices.