Blackwells Capital Activist Presentation Deck
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POWERFUL NETWORK EFFECTS
Peloton's instructors provide differentiated experience and
have grown significant social media followings
"Star" instructors and social media creates competitive moat and network effect
Frequency of workouts has increased, reflecting customer
satisfaction
The platform has a social aspect, so satisfied customers are
likely to refer friends
BW
This virtuous circle that allows company to invest in more
content and the social aspects of the platform
BLACKWELLS CAPITAL
Source: Company filings and Instagram. Instagram follower data as of February 4, 2022.
9.6
8.7
8.9
9.7
7.1
7.4
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Monthly Workouts Per Subscriber
Robin
Arzon
946 k
Ally
Love
826 k
13.9
12.0 11.7
12.6
17.7
24.7
20.7 21.1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
Instructors Instagram Followings
26.0
Wilpers
Cody Emma Jess Alex Kendall Matt
Rigsby Lovewell King Toussaint Toole
1 m
555 k 412 k 536 k 632 k
218 k
19.9
Erik Hannah
Jager Corbin
82.5 k
213 k
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