Peloton Unplugged

Side dishes are the best part of Thanksgiving. Candied yams. Mashed potatoes. Stuffing. Yum. On Thanksgiving 2020, 88,000 Peloton subscribers had a side of cycling with their turkey. The company’s Turkey Burn workouts would have overflowed MetLife Stadium’s 82,500 seats. Peloton illustrates how business models, constraints, and opportunities are changing as economic activity shifts online.

Keeping Emma Busy

The internet enables scale that’s impossible to match offline. For example, Peloton has 36 fitness instructors. In the fourth quarter of 2020, it logged 98…