The original story appeared on Bloomberg Quicktake on April 22, 2021. Click here to view.

Peloton was already connecting millions to its unique brand of exercise when Covid struck, forcing gyms and studios to shutter. Since then, the company’s rise has been meteoric. As the world reopens, the fitness industry faces a landscape remade by the wildly popular stationary bike, alongside personalities new and old looking to take a slice of the market