Peloton is a great solution to 90% of the market. 90% of the market just wants simple exercise classes with energetic instructors.
An actual indoor peloton simulation, with drafting is definitely superior on Zwift. 90% of people don't want this - the target market is very small and doesn't make sense. This is fine! Leaves room for smaller players.
considering zwift has over 2.5 million users, and a billion dollar valuation, I think the market is larger than you think. I personally know dozens of people who use zwift nearly everyday (although my friend groups skews heavily towards cyclists/fitness enthusiasts)
"We're not [publishing MAU numbers], but I can tell you a couple of tidbits. We've had over 3 million accounts created on the platform. We recently peaked around, I think 45,000 simultaneous users, but hundreds of thousands of customers are using Zwift on a daily basis."
So they definitely don't have 2.5 million users. Maybe they'll get there though!
If we want to compare market caps, Peloton has a 35 billion market cap to zwift's 1 billion. Also, to counter your anecdata, I live in Texas and no zero people that use zwift, but many that use a peloton.
>"I live in Texas and no zero people that use zwift"
This is simply not true. Perhaps you do not know those people but there are plenty of Texans using Zwift.
As for market cap - I own and use many old things. As long as they work why would I give a flying fuck about market cap of the companies that had made those. They might not even be (like my treadmill) in business anymore.
I do use bike trainer in winter but could care less about classes like Peloton or Zwift (their graphics is utterly boring to me). I mostly use cycling applications that show actual real road videos.
An actual indoor peloton simulation, with drafting is definitely superior on Zwift. 90% of people don't want this - the target market is very small and doesn't make sense. This is fine! Leaves room for smaller players.