Peloton had redefined many things about the boutique exercise experience, bringing it into members' homes and eliminating per-class fees of roughly $34, instead charging $40 per month. Rather than chatting with a pal beside the gym locker for a few moments before class, customers had Peloton's online community of hundreds of thousands of people who interacted with one another digitally throughout the day. The instructors themselves were part of Peloton's cult following. They were expected to lead and inspire, not just teach a class, and each had a large social media following and minor celebrity status. The company was poised for an IPO in 2019 by identifying a new opportunity in a constantly evolving fitness space, by defining its business broadly, and by capitalizing upon the energy of celebrity and personality that online communities could bring to a brand. But how could a business built on a social community pivot to a position in the public marketplace?