I wonder how Peleton imploded while iFit (owner of NordicTrack and other fitness brands) has been humming along for years offering the same hardware+ streaming combination.
iFit unfortunately is not humming along. Amid plummeting home fitness equipment sales (particularly bikes), they postponed their planned IPO, laid off tons of people including engineers in December, and at their current burn rate, they either need to find new capital, slash costs to the bone, or be acquired. The situation there is not as dire as Peloton, but I wouldn't be surprised if they got acquired by end of year.
The main strategic error that both companies made, was to assume a certain level of permanence when home-training equipment sales exploded during the beginning of the COVID era. People are now (rightly or wrongly) returning to gyms and buying less home stuff.
I'd love to see the same company acquire both Peloton and iFit, and hopefully preserve iFit's library of high-production-quality workouts and charismatic trainers and perhaps combine it with Peloton's charged competitive live workouts.