McKinsey really got Peloton to lay off 20% of their workforce wow

likefunny
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Deloitte should hire McKinsey

likefunnysmart

A3: Founded my own data engineering and AWS boutique .. need to update my fish profile, once internal systems are branded properly

uplifting

https://www.blackwellscap.com/wp-content/uploads/2022/02/BW_Peloton_Presentation_Feb072022.pdf

Slide 42 " hiring McKinsey is a clear declaration of failure"

likefunnysmarthelpful

Customer acquisition of who? Most of the people who own a Peloton but are not subscribed to the fitness classes probably own a iPhone 13, iPad, and MacBook. Peloton had a paltry 2.3M digital subscribers which is completely dwarfed by something like Apple Music with 80M. Fitness+ probably already has more subscribers than Peloton and Peloton has all these expensive fitness influencer/class teachers they have to pay.

The problem isn’t people. The problem is product value. There’s no exclusivity of environment because you can subscribe to the same stuff without the bike (and for LESS money??). And the product itself is actually pretty low quality and high cost. The only value prop is the “cool” factor, but that value prop is ephemeral as you see from fast fashion.

likesmart

The value of Peloton is actually their subscription service, not their bike/tread/apparel products. The bike is a one-time purchase for $1,500-$3k. In a lifetime, a customer may purchase 1 or 2 additional bikes. Add in small purchases for pedals and other replacement parts, but this is still very minimal for a customer’s lifetime. This is chump change compared to a customer’s lifetime $40/month subscription change, which equals the cost of a bike every 3 years.

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I don’t care as long as they keep Cody Rigsby

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Writing was on the wall; McK was prob brought in to deflect decision off LT

The only thing that should be surprising is that they managed to keep layoffs to ONLY 20%. It easily could have been more.

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It was closer to a third of the workforce (20% is being quite generous).

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