New data indicates that Peloton is beating SoulCycle when it comes to customer acquisition. According to new data from Second Measure, which was first reported in Recode, last quarter Peloton had 4% more U.S. customers than its cycling rival.
This data, which analyzed millions of anonymized debit and credit card purchases, shows that Peloton has seen huge growth in 2018, while SoulCycle has reportedly seen a user decline. In fact, according to Second Measure’s analysis, the number of people who made a debit or credit card purchase at SoulCycle went down by nearly 10%, compared to the same quarter the previous year.
Another analysis by the company M Science also found Peloton’s consumer count to be going up while SoulCycle’s went down.
SoulCycle denies the data’s findings. In a statement to Recode, the company said:
The data is not only incomplete, it’s wrong. SoulCycle is highly profitable. Studio revenue has increased year over year, paid rides are up, total rides are up and our active ridership has not decreased. We’re also seeing an increase in the number of classes our active riders take each month. We’ve recently opened two new studios in Las Vegas and Denver, bringing our total to 90 studios in North America. Our growth in consumers and in revenue shows nothing can replicate our immersive and category-defining experience.
Both companies represent the stationary-bicycle fitness craze. The two offer slightly different products, but they both target affluent fitness-minded millennials. Peloton reportedly plans to go public next year.
You can read the full Recode report here.