Late last year, the bottom fell out for Peloton. As life crept back to normal after almost two years of pandemic restrictions, demand for the company鈥檚 trademark exercise bike faltered, bringing the brand鈥檚 stock down with it. Activist investor Blackwells Capital, which owns a 5 percent stake in the company, , floating a range of big-name tech companies as potential buyers. Reports that听the company had and slashed its sales goals began to circulate, a dark cloud that was swiftly followed by news that its founder, John Foley, was stepping down as CEO and the company was laying off 2,800 employees.

Barry McCarthy, the former CFO of Spotify, who was installed as Foley鈥檚 replacement, has rejected acquisition talk, making it clear that Peloton plans on going it alone, says Simeon Siegel, an analyst at BMO Capital Markets. Perhaps more importantly, Foley doesn鈥檛 want to sell. And while he may no longer be CEO, he鈥檚 taken on the role of executive chairman and continues to effectively control the company. (Foley鈥檚 dual-class stock structure means that, even if he doesn鈥檛 own a majority of shares, he has a majority of votes.) 鈥淯nless John wants to sell, this company isn鈥檛 going to sell,鈥� says Dan Primack, a business editor at Axios and the author of the Pro Rata newsletter.

That doesn鈥檛 mean someone with deep pockets鈥攈ello, Amazon or Apple鈥攃ouldn鈥檛 sweep in with an offer too good to refuse. But this hypothetical company would have to pay top dollar. According to Siegel, that鈥檚 likely not an enticing prospect, in part because Peloton, with its stunted growth projections, isn鈥檛 promising听enough to be an attractive acquisition target.

Although many headlines have speculated on how Peloton will end, there鈥檚 one potential salvation from this doom and gloom: the company鈥檚 dedicated user base. Peloton rose to prominence by creating an excellent customer experience through the breadth and personalization of its fitness classes, a feature that hasn鈥檛 disappeared. As it stands, its churn rate remains 鈥渆xtraordinarily low, below 1 percent of people,鈥� Primack says. Part of this is possibly due to the fact听that customers who can afford to pay thousands of dollars for a bike or treadmill can afford听the additional $39 a month subscription fee; plus, investing in something that expensive is a good incentive not to throw in the towel, at least for the first couple years. But it also speaks to the company鈥檚 ability to create engaging content that users can customize and truly connect with.

After all, before Peloton was a cautionary tale, it was a Silicon Valley darling that found听success through its ambition and mutability, and its shifting brand identity. Started听as an exercise company in 2012, Peloton鈥檚 to the point where it began marketing itself not as a fitness juggernaut but as a and a . Its became social media influencers with millions of followers each, and the brand entered the pop culture lexicon before COVID hit. Growth (and brand awareness) soared: from September 2019 to the same month a year later, Peloton bike and treadmill subscriptions rose from 563,000 to 1.3 million. In response, the company spent heavily on expanding its manufacturing capacity, betting that the increased demand would last. As the pandemic progressed, however, this hockey-stick trajectory faltered: in September 2021, Peloton had 2.5 million members, but听听in early 2022, sending its stock spiraling. (After quadrupling in 2020, Peloton鈥檚 share price has in the past 12 months.)

For the company鈥檚 most dedicated users, this downturn has been distressing. At least that鈥檚 how it鈥檚 felt for Alison Smoker, 38, a mother of three in Atlanta who purchased a Peloton bike in December 2019. Despite its high price (bikes start at $1,495) and the cost of a monthly subscription, the change听made financial sense to Smoker, who鈥檇 previously shelled out $25 to $30 a pop for SoulCycle and FlyWheel classes.

Smoker has since become a Peloton convert; she appreciates being able to work in sessions around her schedule, and its deep library of classes. Like so many users, she鈥檚 developed parasocial relationships with her favorite instructors, who she follows on social media, tracking major milestones like births, weddings, and, more recently, and the . 鈥淚t sounds like I鈥檓 friends with these people,鈥� she says, laughing. That is very much by design. Peloton鈥檚 workouts are expertly infused with instructors鈥� backstories, personalities, and unique energies. When Smoker wants to 鈥渓augh through something,鈥� she takes a class with Cody Rigsby; when she feels like dancing, it鈥檚 cardio with Ally Love; if it鈥檚 inspiration she鈥檚 after, 鈥淩obin [Arzon] is my go-to every time.鈥�

Smoker has become such a fan of Peloton that she regularly invites girlfriends over to try out the bike, eager to convince them to get one and join her for live workouts. But with the reopening of gyms and fitness classes, it鈥檚 an increasingly difficult sell. A sale of the company makes her nervous鈥斺�淚鈥檓 not a big fan of Amazon,鈥� she says鈥攁nd she doesn鈥檛 want the unique feel and vibe of the classes to change.

Primack says the company hasn鈥檛 done well in anticipating this changing supply and demand: it bet big that a pandemic-induced spike in orders was the new normal rather than a temporary feature of an unprecedented virus. 鈥淚t would be interesting to see what Peloton would be like today had there not been a pandemic and they had been able to continue growing on a gradual upward trend,鈥� he says.

As the demand for Peloton continues to taper off, a sustainable future hinges on the company鈥檚 ability to accept that its target audience may not be as large as it once thought, says Siegel. The logical next step, then, becomes focusing on core customers like Smoker who would likely pay more for a subscription, particularly one with additional features, rather than chasing significantly more users by lowering prices. Peloton has expanded its offerings in the past鈥攊t launched in 2020, late last year, and just 鈥攁nd there鈥檚 been talk of a branded rowing machine. For its part, Peloton believes its treadmills represent a long-term growth opportunity; it鈥檚 not difficult to imagine hardcore loyalists purchasing multiple machines and听building out an exclusively branded Peloton at-home gym. While much of the high-end, connected fitness market has been saturated, there鈥檚 still room to expand, Primack says, just not at the rate it was growing.

A renewed focus on core customers could also mean modifying its membership tiers. Erika K., a 31-year-old project manager who lives in New Jersey, pays $12.99 for a digital-only subscription, which includes virtually all of Peloton鈥檚 content. Her relationship with the brand is far more casual than Smoker鈥檚: she downloaded the app a few months ago after learning her insurance covered the membership cost and has been using it three or four times a week ever since. Like Smoker, she appreciates the breadth of content, the ability to fit classes into her schedule, and the quality of instructors. Unlike Smoker, she doesn鈥檛 follow any instructor on social media and isn鈥檛 a brand loyalist. If the app suddenly cost her, she鈥檇 ditch it: in her opinion, there are too many free, similar apps to justify spending money on another one.

Offering users like Erika Peloton鈥檚 library of content, or 鈥渃rown jewel,鈥� without any expectation they鈥檒l buy a bike and opt in to a more expensive membership is not a money-making strategy, Siegel says. What鈥檚 more, all-access members who pay far more for the same digital content could begin to question the dynamic, particularly as the company continues to beef up its off-bike offerings. Going forward, Siegel says it might make sense to offer digital subscribers an ad-supported option or less class variety to differentiate between the two tiers and encourage members to upgrade, although it might mean Peloton could lose users like Erika and see overall user numbers decrease.

Going this route would require a clear understanding from executives of the limits of Peloton鈥檚 user base, Siegel says. Despite a few indicators, including shutting down a domestic warehouse, and subsequent layoffs, he鈥檚 skeptical that management is committed to a more circumscribed long-term vision, particularly while Foley remains in the rider鈥檚 seat.

But if Peloton can dial back its ambitions, rein in spending, and eventually stabilize its share price, there are millions of active users like Smoker still ready to regularly interact with the brand. Primack points to the many communities on social media that have sprung up around instructors or different workouts. 鈥淭hese are really dedicated groups of people, and they aren鈥檛 small,鈥� he says. Every Saturday, Primack does a live hourlong Peloton run, and every Saturday he鈥檚 joined by thousands of other users. 鈥淚t can鈥檛 be that everyone happens to have 10 AM ET as the most ideal time for them to run on a treadmill,鈥� he says. 鈥淭hey want to feel that sense of community.鈥� The company has done a consistently good job building and maintaining this social, communal fitness experience that motivates users to keep showing up. There鈥檚 a possible future in which 鈥渢he customer experience doesn鈥檛 change for the people who have been having a great experience,鈥� Siegel says.

Smoker really hopes that鈥檚 the case. By this point, Peloton is part of her weekly routine; its instructors give her a sense of connection and, during the darkest days of the pandemic, its outdoor workouts offered a healthy dose of much-needed alone time. To this day, the brand鈥檚 consistently motivating classes, combined with their flexibility, remain the biggest draw for her. Giving it up would be a significant loss. 鈥淚 can do this on my schedule鈥攊t鈥檚 motivated me to be healthier than I was before,鈥� she says.

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The candlelit nap room is beautiful. It鈥檚 also empty. Alone among听the Himalayan salt candles, blankets, and plush pillows, I lie on my back and try to relax as birdsong plays听faintly in the background. I鈥檓 at co-working behemoth WeWork鈥檚 first wellness facility, , located in the basement of a skyscraper in New York City鈥檚 financial district.听The nap program, held three afternoons a听week听in the center鈥檚 yoga room, launched about nine听months ago.

Halfway through my 20-minute stay, the birdsong听gives way to ominous animal noises, lending a dramatic cast to my question: Will anyone else join me? No one does.听As I leave the empty, flickering room to rejoin the working world above me, I鈥檓 disappointed in my inability to calm my mind enough to sleep. Somehow听it feels like an indication that I鈥檓 further from wellness than when I arrived.

At this point in its evolution, wellness culture has become synonymous with aspiration. According to and , Americans are more anxious,听lonely, and overwhelmed than ever before; at the same time, there has never been such an extensive array of products and services that purport to cure us so thoroughly that we transcend healthiness and become well.

As the听market has matured, physical-wellness centers, which offer an extensive听range of services, like meditation classes, vibrational-energy healing, and color therapy,听have proliferated. , slated to open later this summer in New York City, is billed by cofounder Kane Sarhan as an antidote to, and oasis from, modern-day city living. Like Rise by We, it听will operate听on a membership model,听but with pricing听that ranges from $210 to $375 per month听(plus a $500 initiation fee), it听will provide听a more comprehensive, tailored experience, with members听paired with a personal-health coach after joining.听Other New York City鈥揵ased centers, like , , and听, meanwhile, sell a dizzying variety of 脿听la carte wellness treatments, including听CBD massages and听Botox. , 鈥渁n inclusive space focused on holistic health and wellness,鈥澨齩ffers $190听monthly memberships as well as drop-in sessions.听

Each of these businesses听is selling听the same听general promise: to provide听an antidote to the deskbound jobs, take-out dinners, alcohol-fueled weekends,听and daily stressors听of the outside world.听鈥淢ost people in New York听aren鈥檛 living well,鈥� says Sarhan. 鈥淚t鈥檚 just the lifestyle we鈥檝e created for ourselves: work hard, play hard, career driven. The stimulation of the city is not good for us in general.鈥�

After听Sarrah Hallock was diagnosed with a thyroid condition a decade ago, she consulted both听her听primary-care听and Chinese-medicine doctors; the latter prescribed some herbs for the condition, she says, while the former told her to avoid them.听Hallock听cofounded听The Well with Sarhan and Rebecca Parekh in 2015, in part to counteract what she saw听to be a听rigid American approach to health care.听The new center听will offer听personalized, integrated wellness plans, including听treatments generally accepted as therapeutic by the medical establishment (massage, physical therapy) as well as听those that are decidedly not (vibrational-energy healing, Ayurveda). Members of The Well will听check in with a听health coach听each week and examine 13 different lifestyle components, such as mental health, financial health, and nutrition. (Its health coaches have听a certificate in nutrition and have听completed an apprenticeship with an M.D.) The center also has who will听focus on functional听and preventative medicine, areas its founders feel are often overlooked by the general health care system. While The Well鈥檚 M.D.鈥檚 will be able to听provide annual checkups and perform blood tests,听members will nevertheless be听advised to continue to see an outside general practitioner.听鈥淭o be able to have a Chinese-medicine doctor talking to your M.D. and your M.D. talking to your yoga teacher is so powerful,鈥� Hallock says. To me, this sounds like a nightmare scenario in which one鈥檚 health is micromanaged to the point of absurdity. But perhaps this is the only way pure aspirational wellness can be achieved.听

Modrn Sanctuary in Midtown听Manhattan sells听offerings similar to The Well, in addition to听further-out-there treatments, like听听and . On a recent visit to the facility, which is听decorated with plush furniture听and trendy art on black walls,听I try听the crystal-light and sound treatment. The听30-minute, $45听session calls for听participants to听lie beneath a row of colored crystals in order听to supposedly听improve听sleep听and听focus, as well as reap a听range of other alleged health benefits. (The scientific evidence to support most of these claims听is , although researchers say听crystals may be able to听provide a placebo effect that could help treat some conditions, like pain and anxiety.) The bed is warm and vibrates听pleasantly, while headphones pipe听the sound of rain into my ears. At the end of the session, a soothing voice听via my headphones听advises me to听return to 鈥渆xperience all seven frequencies鈥� for maximum effect.

I also try Modrn鈥檚听salt room, an Instagram-worthy space constructed out of millennial-pink Himalayan salt bricks and lined with salt crystals of the same听hue. I can鈥檛 say I feel听any of the benefits this听treatment听purportedly offers鈥斺�攂ut the experience of sitting in a beautiful, quiet room听in the heart of Manhattan is nice. As I head听back out into the urban crush, I reach听if not a state of equanimity, a feeling of one slightly removed from the chaos.听

Modrn claims that its听services provide much more dramatic benefits than mere calmness,听including听weight loss (), reduced stress and anxiety (), and antiaging (). When a client expresses doubt about any of the marketed health benefits, founder Alexandra Janelli doesn鈥檛 push back. 鈥淧eople are like, 鈥楾his is bullshit,鈥欌�� she says. 鈥淲e鈥檙e like, 鈥楾hat鈥檚 OK. This is not the treatment for you.鈥欌�� Her approach is to acknowledge someone鈥檚 opinion before probing what brought them in and whether they are curious enough to learn more or try the service for themselves. 鈥淚f they are pooh-poohing it altogether,听we leave it alone,鈥� she says.

A few days before听my nap session, I visited听Rise by We to听attend one of the facility鈥檚 guided sauna sessions. It鈥檚 Saturday morning, and the spa area and gleaming locker room (replete with organic soaps, conditioners, and tampons)听are crowded. An attendant with a tablet turns away two women apologetically鈥攖he session is at capacity. As we wait for the sauna doors to open, the group in front of me makes brunch plans for later that day.听

Once inside, a听staff member leads us through breathing exercises as he diffuses听a range of essential oils (rosemary, citrus, basil, tea tree, and peppermint) into the air. After pouring each one onto the heated rocks, he furiously whips a towel around his head to spread the steamy, scented air further, an effect at once impressive and comical. 鈥淚鈥檓 proud of you, in a way,鈥� he gravely tells the dripping room at the end of the 20-minute session听before releasing us into the welcome, outside cool. A racially diverse, spandex-clad group, most of whom appear to be in their twenties听or thirties,听lingers in the main spa area, chatting and refilling their bottles with fruit-tinged water.听

The scene would make Avi Yehiel, WeWork鈥檚 head of wellness, happy. 鈥淲e wanted to create a space where you could come and stay longer,鈥� he says. Unlike the in-and-out experience of a gym, Rise by We is an environment where people can hang out without having to work out.听While $35 day passes are available, most听customers are members. 鈥淲e are focusing on people who want to create connections,鈥� Yehiel says. The club regularly holds events like band nights or anniversary parties听in the spa or caf茅; some are health-related, but many听are simply an excuse for members to get together.

Member Nicole Rousseau says she values this community aspect more than the fitness classes or spa services. A self-employed , she joined a WeWork听space in New York鈥檚 financial district听half a decade ago to fight the isolation that comes with working from home. When the company听beta-tested Rise by We听prior to its official launch in the fall of 2017, Rousseau was one of the WeWork members selected by the company to participate.

She liked the experience so much that听she replaced her WeWork membership with one for Rise by We. Today听the club provides the same sense of belonging as the coworking space did. Unlike a traditional gym, 鈥渋t鈥檚 not a transaction,鈥� Rousseau says. After a fitness class or spa session, she often lingers in the spa over complimentary La Colombe coffee and artisanal Bushwick Tea. The people at the front desk know her, as do the instructors. 鈥淚 feel connected,鈥� she says.

In a world where loneliness听has reached听endemic levels, this community connection shouldn鈥檛听be trivialized.听Still, it seems like the more wellness strategies emerge, the more opportunities we have to fail at leveling up. Maybe that鈥檚 because the word wellness鈥攐r at least the feeling of it鈥攊s so hard to define. It鈥檚 possible to be physically healthy, with a good job, a solid support system, a savings account, a balanced diet, and a regular exercise routine without checking all the boxes necessary to meet the criteria. (Even if you can afford Rise by We鈥檚 monthly membership, you might not be able to leave your desk in the middle of the weekday to work out, much less nap.)

Whether exotic and unproven alternative treatments are doing any good鈥攐r just soaking up the scarce attention and time people could deploy for more proven health care鈥攔emains听up for debate.听There鈥檚 also the matter of cost. Some centers are more expensive than others, but none are truly affordable for most Americans just seeking adequate health coverage. Those who can pay听the price of admission are promised equilibrium, where every aspect of one鈥檚 life鈥攑hysical fitness, nutrition, spirituality, skincare鈥攆lourish in perfect harmony. Those who can鈥檛, well, they鈥檙e probably facing problems that extend beyond the pearly borders of the wellness industry.听

When I bring up the question听of inequality, Sarhan of The Well says the company鈥檚 mission is to build a global brand that will eventually be powerful enough 鈥渢o influence policy, to influence politicians, to change the way our country thinks about food and wellness holistically.鈥澨�

鈥淣one of us are in it for the money, to be totally honest with you,鈥� he continues. 鈥淲e are bleeding hearts. For us, we want to change the way people think about health. The way we are going to do it, if we start with this brand and build this platform that caters to鈥� you funnel down from there.鈥澨�

The Well is, of course, a for-profit business accessible only to听a very specific demographic. It鈥檚 unfair to ask it to solve systemic issues driving disparities in health and wellness, such as income inequality and the food lobby. But the idea that providing high-priced wellness services to the nation鈥檚 wealthiest will lead to improvements for its most in need feels willfully naive. And yet, perhaps unsurprisingly, Yehiel of Rise by We听offers up a similar theory. Yes, a membership听might be unaffordable for the average person, but 鈥渨e need to look at the good things,鈥� he says.听Rise, along with other wellness centers, has helped elevate the term wellness听into the public consciousness, Yehiel says.听While only a fraction of Americans report actively pursuing a wellness practice in their day-to-day life, as the movement鈥檚 profile continues to rise, 鈥渋t will trickle down to all the communities听eventually.鈥澨�

Again, this feels like a pipe dream. And even if trickle-down wellness were听to miraculously occur, it鈥檚 unclear whether that would be a net positive. The wellness movement has good qualities, including its emphasis on balance and holistic health. But as the industry has grown, the concept has evolved into a never-ending pursuit capable of absorbing a seemingly infinite amount of time and money. Even for those who can afford to invest in the chase, wellness can be exhausting鈥攚hich is why places like The Well, which outsource wellness management to an integrated team of practitioners, exist in the first place. For everyone else, the game is rigged from the start.听

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On a recent afternoon in March, I laced up my sneakers and headed outside. It was my first run with , a subscription-based fitness app that provides on-demand audio workouts. Over a pop-y听soundtrack, trainer Meg Takacs announced听through my headphones that she would be guiding me through a 30-minute听prerecorded intermediate interval session.听Sunny but firm, Takacs guessed when I鈥攐r听really听anyone listening to the workout鈥攕tarted听to flag three-quarters of the way in听and cheerfully indicated she would have none of it.听鈥淓verything you鈥檝e worked for so far in this workout comes down to these last minutes,鈥� she said into my ear. 鈥淭his is nothing but focus and force.鈥� My lungs were screaming, but I picked up the pace, dodging pedestrians and dog walkers.

On my way back home, I let another trainer, Jaime McFaden, guide me through a 32-minute walk-run for beginners. The music was upbeat, and McFaden was pleasantly chatty, focusing as much on life advice as the workout听itself. 鈥淭hink of a positive habit that you want to implement into your day, into your life…. Whatever it is, take a moment right now and think about the habit that you are working on,鈥� she advised.听At one point, she directed me to 鈥渇ind some beautiful stuff that makes you smile.鈥� Dutifully, I took in the washed-out trees, the sky, and the enviable stoops of Brooklyn in late winter. As the class drew to an end and she bid goodbye, I found myself wishing she鈥檇 hang around the rest of the way home.

It鈥檚听this听bond between听users and their favorite听highly motivational trainers that makes听Aaptiv worth paying for听even in a sea of free competitors听says CEO and founder Ethan Agarwal. Membership, which costs $15 a month or $100听a year, provides access to more than thousands of听audio classes in a dozen categories, such as outdoor running, treadmill, elliptical, spinning, boxing, yoga, and meditation,听from 20听trainers. This connection听may seem like a squishy differentiator, but it鈥檚 a sales pitch that has clearly convinced investors:听founded in 2015, the company has raised $55听million in venture funding to date, including a $22 million infusion that came with a reported valuation of over $200 million. In December, Crunchbase Aaptiv as the fifth-most-funded fitness startup听behind听big guns like ClassPass, Flywheel Sports, and Peloton. It鈥檚 one of two听companies听in the top ten听focused exclusively on a fitness app.

Like most self-respecting startup founders, Agarwal鈥檚 mission is ambitious. Aaptiv is more than a fitness app, he tells me. Instead, it鈥檚 a service designed to help people become better versions of themselves by leading healthier, more active lives. When I point out听that the creators of other fitness apps鈥攐r any fitness company鈥攚ould likely say the same thing, he shakes his head. Most of them, he says, are too focused on aesthetic markers like听weight loss and muscle tone听or fitness goals such as strength, speed, and endurance.听鈥淚 think of us听more as a digital coach,鈥� he says. 鈥淲e are much more someone who is there for you as opposed to someone who is there to guilt you into looking a certain way.鈥澨齇ther apps are in the fitness business. Aaptiv is, too. But听according to Agrawal, it鈥檚 also听in the relationship-building business.听

At 33 years old, Agarwal is trim and visibly fit. It wasn鈥檛 always this way. After graduating from the University of Pennsylvania鈥檚听Wharton School in 2011, he got a peripatetic听job at McKinsey, a top consulting firm. On the road more days than not, Agarwal鈥檚 weight听crept upward听until, as if overnight, he was 40 pounds heavier than he鈥檇 been before he started graduate school.

He remembers the moment when the physical transformation fully hit him. It was October 6, 2013, and he was in Chicago听for work. He鈥檇 just come back from a client dinner and was changing into sweats in his hotel room when he caught sight of his reflection in the mirror. 鈥淚 had this moment where I was like, Who is that person?鈥� he says. More than the weight gain itself, he says he听was devastated by what it represented: 鈥淚 wasn鈥檛 taking care of myself,鈥� he says. He texted his then girlfriend (and now听wife), who suggested he take up running.

For all his听careful insistence that Aaptiv is not a weight-loss app, Agarwal鈥檚听anecdotes sometimes听fall听into the habit, common among many health startups, of conflating a lower number on the scale with virtuous traits such as self-control, confidence, and discipline. Of the听member success stories Agarwal shares with me, some听portray weight loss as an inciting incident that led to more essential changes in users鈥櫶齦ives: in the case of the business owner who went from 400 to 200 pounds, it was the gumption to expand into new markets. For the mom who felt comfortable putting on a bathing suit for the first time in years, it was a renewed sense of self-confidence.

(Still, Lauren Hanafin, Aaptiv鈥檚 head of communication, is adamant: 鈥淥ur members come to us for various reasons based on their own lives鈥攕ome come to run a faster marathon, some come to run their first mile, some come to get stronger, and some came to us because they want to lose weight,鈥澨齭he says. 鈥淲e promote all of these things if it鈥檚 done with the intention to live a healthier life and makes them feel good. It鈥檚 not about weight.鈥�)

As Agarwal tells it, his own transformation began with a search for听accessible workouts that he could take with him on the road. The available options weren鈥檛 satisfying鈥斺�測ou needed to be pretty well educated on the fitness market to learn how to use any of these products, and that wasn鈥檛 me,鈥� he says鈥攁nd听for a nascent runner, they were too centered on video. At the time, video-based workouts听were blowing up (), and a bevy of YouTube fitness influencers had established themselves with free that racked up thousands, sometimes millions, of views. Agarwal wanted an audio app that guided him through workouts in a way that was convenient, unintimidating, and didn鈥檛 require him to stare at a screen. 鈥淚 started thinking, How can I make this, and is this something that can help other people, too?鈥� he says. 听

In 2015, Agarwal left his job at McKinsey to focus on Aaptiv full-time, raising money, aggressively hiring, and refining the business model. Now听the company is located on the 49th floor of One World Trade Center, looking down on Manhattan.

When I visit in March, the office is half empty. (The company moved in April 2018, having outgrown its old space.)听Everything gleams:听the white floor, the healthy snack bar,听the panoramic view of Midtown鈥檚 skyscrapers.听I head to the back, where John Thornhill, one of Aaptiv鈥檚 trainers, is in a dark recording booth working with sound engineer Jack Mullin, who sits directly outside, in front of a mixing desk,听to put the finishing touches on an advanced elliptical class. To achieve the personal connection Agarwal says gives the company an advantage, Aaptiv is highly selective in choosing its trainers. While each has his or her own particular style, they share an uncanny ability鈥攁ided by user data and feedback from Aaptiv鈥檚听community鈥攖o tap into their audiences鈥� psyche and听motivate听while leaving听them wanting more. 鈥淭he connection and tension of that relationship鈥hat鈥檚 the whole goal,鈥� Agarwal says.听

Thornhill and Mullin have already run听through the class once and are now in finesse mode, rerecording certain segments to improve the tone, enunciation, or wording. I鈥檓 given headphones so I can listen in. 鈥淔eel that chest,鈥� Thornhill croons into the mic, somehow pouring energy and optimism into each word.

鈥淚 think we need something more specific than feel,鈥� Mullin says. Thornhill tries it again, this time swapping in 鈥渆ngage.鈥�

The two of them continue onward, pausing regularly to edit descriptions, modify delivery, or refine phrasing. By now, Mullin knows Thornhill鈥檚 verbal tics, such as a tendency to pepper his instructions with certain words. (鈥淚 say baby too much,鈥澨齌hornhill says at one point.)

Thornhill eventually pops out of the booth for a breather. Tall and predictably muscular,听with light brown hair pulled into a low ponytail, he鈥檚 a friendly but more subdued version of his audio-booth twin.

鈥淚 take one of John鈥檚 classes when I鈥檓 having a bad day,鈥澨鼿anafin听tells me.

Later, I listen to Thornhill鈥檚听Backstreet Is Back Alright听treadmill class at my gym. As promised, it鈥檚 aggressively upbeat; I can see how people could use it as a mood lifter. When Thornhill tells me to 鈥渓et the chorus guide you through your speeds,鈥� it feels rude not to comply.

Aaptiv听is far听from the only company betting听on the听personalized convenience and (comparatively) low cost of a digital trainer. 鈥淭he hottest trend in the past three to four years is home-based fitness workouts,鈥� says Rommel Dionisio, the former managing director of equity research at Aegis Capital, a broker-dealer based in New York City.听Peloton, the fitness company that sells $1,995听exercise bikes on which users can stream cycling classes (for an additional $39 a month), pioneered the livestream听class format.听The 800-pound gorilla in the digital space, Peloton has sold more than 400,000 bikes and is .

Peloton has also set its sights firmly on Aaptiv鈥檚 user base, having recently launched its own听subscription app that,听for $19听a month, includes access to audio-only classes for听live , no equipment required. It鈥檚 not the only one challenging the company:听in July, ClassPass, the in-person听workout-class subscription service, came out with its own that features on-demand classes from a curated list of trainers. In other words, it operates exactly like Aaptiv. Only it鈥檚 free.

When I ask about this, Agarwal brushes it off. The difference between Aaptiv and its free competitors, he claims, is the company鈥檚 quality鈥攐f its trainers, classes, and overarching mission. If these distinguishers don鈥檛 totally convince in a category as crowded as digital fitness, Agarwal gets it. The proof听is in the user base, he says. After a 20,000-plus new-member influx this January, total membership now sits at 230,000, and about 75 percent of those听are yearly subscribers. (Meanwhile, the听monthly churn rate is in the mid-single digits, according to the company.)听鈥淚f the quality or the experience was on par [with other fitness options], our business would go nowhere, because everyone would just go to the free product,鈥� he says.

Despite this member uptick,听Aaptiv still faces challenges. Before its latest funding round, 听if it wanted to, adding that it wouldn鈥檛 follow the same path as SoulCycle (which registered for an IPO only to backpedal last May, citing 鈥渕arket conditions鈥�). When I ask him if he鈥檚 still thinking about going public next year, he hesitates. Not in 2020, he says. Maybe in听2021.

In general, pushing back an IPO can be 鈥渁 cause for concern,鈥澨鼶ionisio says, a signal that a company鈥檚 internal goals aren鈥檛 being met. In Aaptiv鈥檚 case specifically, it could be an indicator that 鈥渢he subscription model is not yet bearing fruit,鈥� says Thad Peterson, a senior analyst at the research and advisory firm Aite Group. Still, Peterson says that delaying an IPO is not necessarily worrisome.听(In response to these suggestions, Agarwal said: 鈥淥ur decision to stay private for the time being is not based on company performance and [is] instead based on the direction we feel is best to grow the company.鈥�)

Now听Agarwal is focused on continuing to expand Aaptiv鈥檚 user base, in part by launching in new markets. In听November听the company an international expansion in English; the app is now available for听download in 20 countries, including Brazil, India, and Australia. Aaptiv has carefully studied the way fitness preferences vary based on geography鈥攊n parts of Europe, for example, gym culture isn鈥檛 nearly as big as it is in the U.S.鈥攁nd is in the process of recording classes in other languages, including Spanish and German.听

Aaptiv is also working on the launch of a new personalized service that would allow users to integrate all their workouts鈥攚hether that鈥檚听a session at or a yoga class at a boutique studio鈥攊nto the app. Agarwal won鈥檛 go into details听other than to say that the platform will better enable users to commit to good habits. He also hinted that the app might include a healthy-eating component in the future.

Given its focus on relationship building, I tell Agarwal that since trying the app, I鈥檝e noticed how it insulates you in a private audio experience even as, in the case of the outdoor running classes, you move through public spaces. We spend so much of our time hooked up to our phones, I say,听and Aaptiv, with its chorus of on-demand coaches, takes this a step further. Does he ever worry that his app is just another way we can tune out the world and each other?听

It鈥檚 something he鈥檚 thought about a lot, he says. Only I have it backward. The way he sees it, Aaptiv isn鈥檛 amplifying disconnection, it鈥檚 helping alleviate it. Yes, it would be nice if we all had the option to work out with friends or family at our convenience, and 鈥渆veryone should feel free to do that,鈥� he says. But more often than not, that鈥檚 not the way the world works.听鈥淎 lot of people go on walks or runs by themselves because they don鈥檛 have anyone else to go with,鈥� Agarwal says.听

On-demand trainers provide the support users need to build better habits, push themselves, and make exercise a regular part of their lives, he continues. For many people, they also provide a form of emotional support and companionship that might not exist outside the app. 鈥淚f I can help someone鈥檚 loneliness by giving them someone they feel like they are talking to, or someone they feel like they are interacting with, that actually feels like I am helping the problem as opposed to causing it,鈥� he says.

In this vein, Aaptiv recently held a 听in New York, where users gained access to a private gym where they could work out using the app. All 140 spots were claimed within hours, and attendance was in the hundreds (each attendee was allowed to bring up to two guests).听As a surprise, Aaptiv trainers stopped by, allowing attendees to talk to some of their favorite personalities.听

The strength of the reaction has gotten Aaptiv thinking about doing more 鈥渞eal-life events.鈥澨鼺or a company that has built its name听turning an听in-person interaction听into an on-demand, one-way, audio-based experience, this expansion would represent something of a bizarre full-circle moment. As intimate as Aaptiv鈥檚 workouts can feel,听it鈥檚 created a novelty of classes where users can converse with their favorite trainers鈥攁nd the trainers can talk back.

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