Demonstrating a disconnect between the brand’s cycling-oriented marketing and user experience, McCarthy said in the shareholder letter that 57% of all workouts were not cycling-related in Q3 and 38% of all workouts involved no Peloton hardware.
“We’re primarily known as a bike company, but the behaviors of our members extend well beyond that into many different categories of exercise and a large percentage of folks use no hardware at all,” McCarthy said on a call with analysts Thursday. “We haven’t done a very good job of communicating that to prospective members and we’re looking to improve upon that. I think the advertising can be more inclusive than it has been historically.”
In the letter, McCarthy said this quarter was even better than Q2, which he had said was the company’s “best quarterly performance” in a year. McCarthy called out Peloton’s year-over-year growth in Q3 with connected fitness subscribers, which increased by 5%.RetailDive