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  "documentTitle": "Peloton Interactive (PTON)",
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      "text": "While Peloton has enjoyed a first mover advantage, the lack of differentiation of its bike has finally caught up to it as the competition is not only making virtually identical exercise bikes but ones that are both more affordable and functional.",
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      "text": "Citron gives credit to Peloton for creating a product that incorporates interactive classes into its hardware and combines it with an aspirational marketing campaign that has found its way into the homes of those who can afford it.",
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      "text": "The lack of differentiation between Peloton and its lower priced competitors is best highlighted by Peloton’s lawsuits against Echelon Fitness and Flywheel Sports.",
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      "text": "In addition, competitors have done what Peloton was not able to do by expanding their digitally integrated at home fitness hardware offerings to new segments like Mirror, Tonal, boxing, rowing, etc.",
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      "text": "While Peloton has enjoyed a first mover advantage, the lack of differentiation of its bike has finally caught up to it as the competition is not only making virtually identical exercise bikes but ones that are both more affordable and functional.",
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      "text": "It's hard to justify paying $2,300 for a smart exercise bike. Luckily, there are a few alternatives to Peloton available.",
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      "text": "It can be argued that competitors in the hardware space have used their second mover advantage to create better spin bikes that have swivel screens (e.g., allowing mat exercises), open platforms (e.g., allowing users to watch TV or Netflix while they are riding the bikes), and iPad attachments. None of these features are offered by Peloton.",
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      "text": "Note: the hardware aspect of this company has not changed in a meaningful way since the bike’s introduction in 2014 when the valuation of the company was $100MN. Citron need not dwell on the failure of Peloton’s recently launched treadmill.",
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