Ben Gilbert: prediction

Transcript context

…I don't know the numbers. Let's assume 2/3 of that is US and 1/3 elsewhere. That may be generous, but let's just use that as a swag. That's 2 million US subscribers out of a nation of 330 million people. There are probably a lot more than two million people that could be in an addressable segment for Peloton. Then there is the digital app. The digital app is a good experience. I started that way. I graduated up, but it's a really good experience. Apple is investing in a similar strategy to the digital fitness app. I think for $12.99 a month for a super high quality class, this is the Netflix model. For the best content out there with the best instructors for $12.99 a month, that's accessible to a lot of people. I think there's probably still headroom on the core affluent aspirational segments or maybe you call those two segments. I think they can address both affluent people who don't care about cost and aspirational people who do care about cost but are willing to invest in this, and then you layer on the digital product. There is a world where this could become, maybe not forever, but a longer term standalone company that actually is justifiable of a $49 billion market cap. I like it. I don't think that's the most likely outcome. I think two years from now, the most likely thing is that it's acquired by someone. But the fun thing is, we will get to watch and see, and we both just said all that on air. We'll revisit with Barry in a couple of years.…

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