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If Peloton's main competition is conventional gyms, then those gyms are going to have a hard time competing against it. The gym industry is highly fractured, so it's not as if there is a large chain of gyms that can develop the kind of tech-driven platform that Peloton has created. Gyms that successfully compete against it, in the post-covid era, will have some aspect that can't be recreated with Peloton's platform. (I'm not sure what that aspect will be.). But, I predict that a number of gyms will be led astray by trying to compete with Peloton, rather than trying to create a complement or alternative to Peloton.

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