A headline came across from Bloomberg earlier saying: "Peloton now has more than 2M members worldwide"
This headline is very misleading since this news is not new. On the 2Q earnings print on FEBRUARY 5th the company stated "Peloton is the largest interactive fitness platform in the world with a loyal community of over 2 million Members."
On a quick check we don't see "Members" explicitly defined in PTON filings, but members are NOT subscribers, but rather users which may simply be connected to accounts with unique email addresses. These could/should be plentiful given digital only free trials and multiple household users on connected fitness.
The question we would have in the context of the stock move and the narrative around everyone using fitness services at home is why is the number not up to 3mm or 4mm members? Especially if it's simply a user account not a paying subscriber.
