Peloton is once again laying the groundwork for future international expansion.
This initiative falls under Peloton’s broader strategy to “meet members anywhere” — a key pillar in their overall company strategy we recently covered.
In Peloton’s most recent earnings letter, they shared:
Internationally, we plan to deliver local, in-language experiences using a mix of native instruction, AI dubbing, and more flexible approaches to music for thousands of classes. Through partnerships, we aim to introduce the Peloton brand and experiences to millions of people around the world. Together, we believe these actions lay the groundwork for future, cost-effective launches of the full Peloton offering in new geographies.
Of note is the end of this quote – talking about “launches of the full Peloton offering in new geographies”. In a previous earnings call, Peloton also talked about expanding internationally, but the language at that time was around “opportunistic markets that are adjacent to the markets we’re already in, where they speak the same languages”. This new language from this most recent quote suggests expanding further abroad than just the language they are currently in.
For some time, there has been speculation about whether Peloton would focus solely on app-based growth internationally, or whether hardware would be part of future launches. This latest language – specifically referencing the “full Peloton offering” – suggests that the Bike/Bike+, Tread/Tread+, and/or Row could all be part of Peloton’s next wave of international rollouts.
That said, Peloton is also clearly experimenting with different models of entry. When Peloton launched in Austria in October 2023, customers could only purchase hardware through third-party partners like Amazon, not directly from Peloton. In 2024 Peloton ended direct sales in Germany, directing all hardware device sales to partners like FitShop and Amazon. This suggests a potential blueprint Peloton might be using for future international expansion.
Peloton Chief Financial Officer Liz Coddington shed light on this strategy during a 2024 conference, explaining that relying on third-party partnerships helps Peloton operate more efficiently and sustainably in new countries.
Peloton has not entered a new international market in nearly two years, but these consistent signals from leadership indicate that this is poised to change as early as 2026.
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They should do South Korea to open up to the new generations appeal. Their fitness, health, and music scene is unmatched. But most likely they will do boring expansion to Spain or France.
Really hoping to see Ireland as part of plans!