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SoulCycle


SoulCycle is a boutique fitness company specializing in immersive indoor cycling workouts, founded in 2006 by Elizabeth Cutler and Julie Rice in New York City.
Its signature 45-minute classes combine high-intensity cardio with rhythm-based choreography, upper-body strength exercises using weighted dumbbells, and motivational instruction set to curated music in dimly lit studios, aiming to deliver physical exertion alongside emotional and communal uplift.
Pioneering the luxury spin class model, SoulCycle cultivated a devoted following among affluent urban demographics and celebrities, expanding rapidly to peak at nearly 100 studios before a majority stake acquisition by the Equinox Group in 2011 facilitated further scaling across the United States, Canada, and the United Kingdom.
The brand's achievements include creating the boutique fitness category and generating substantial revenue through premium pricing—classes often costing $30–$40 per session—but were overshadowed by controversies such as instructor-client sexual affairs, workplace bullying involving body-shaming and slurs, and public boycotts tied to an investor's political event hosting.
The COVID-19 pandemic exacerbated operational strains, prompting widespread studio closures reducing locations to around 60 by 2023 and highlighting vulnerabilities in its in-person, experience-dependent model.

History

Founding and Early Growth (2006–2010)

SoulCycle was founded in 2006 by Elizabeth Cutler, , and Ruth Zukerman, who sought to create a more engaging alternative to traditional classes. Zukerman, an experienced spin instructor, connected with Cutler, a client frustrated with existing experiences, and Rice over lunch to develop the concept, emphasizing music-driven, motivational workouts in a boutique studio setting. The trio aimed to differentiate from large gym chains by fostering a communal, transformative atmosphere rather than rote exercise. The first SoulCycle studio opened in 2006 at 72nd Street on Manhattan's , in a former space without exterior to cultivate exclusivity. Initial classes drew local women seeking a high-energy, candlelit with weighted bikes arranged in a , quickly building word-of-mouth popularity through repeat attendance and social buzz. Early growth remained focused on the New York area, with a second studio launching in in 2007, which saw immediate demand and reinforced the brand's appeal to affluent clients. By 2010, SoulCycle had added two more locations in and one in , expanding to five studios total while maintaining tight control over instructor training and class curation to preserve the signature experience. This measured expansion capitalized on organic loyalty, with classes often selling out via pre-registration, setting the stage for broader recognition without diluting core operations.

Expansion, Acquisition, and Peak Popularity (2011–2019)

In May 2011, acquired a majority stake in SoulCycle, which then operated seven studios primarily in , providing the capital and infrastructure for accelerated national expansion. This deal included plans to open at least nine additional studios in the following year, targeting affluent urban markets. By the end of 2012, the studio count reached 12, surging to 25 in 2013 and 36 in 2014 as SoulCycle entered cities like , , and . Financial growth mirrored this physical expansion, with revenue climbing from $36.2 million in fiscal to $75.3 million in 2013 and $112 million in 2014, driven by over 2.8 million annual that year. Studios averaged 72,000 per week, with 30% of classes booking within the first of availability, indicating intense and . By March 2015, SoulCycle served more than 300,000 unique riders across 38 studios in seven U.S. metropolitan areas. further consolidated control, owning 97% of the company by mid-2015 following a of the co-founders' remaining shares. In July 2015, operating 46 studios, SoulCycle filed for an to finance additional growth, though the plans were shelved amid market conditions. The company continued proliferating, opening locations in and the while reaching 98 studios by 2019, primarily in high-income coastal and urban enclaves. This era marked peak popularity, evidenced by rapid revenue annual growth of 76% from 2012 to 2014 and a cult-like following among celebrities including and , positioning SoulCycle as a in premium .

Challenges During and After the COVID-19 Pandemic (2020–Present)

In March 2020, SoulCycle temporarily closed all of its studios across the , , and the in response to government-mandated shutdowns amid the , halting in-person classes that formed the core of its business model. These closures, which began on March 16 for U.S. and Canadian locations and March 17 for UK studios, persisted for months in many regions due to waves of restrictions, severely disrupting revenue streams reliant on high-margin, ticketed group rides. Parent company Holdings reported $650 million in revenue for 2020 but incurred a $350 million operating loss, attributable in large part to pandemic-induced studio shutdowns across its portfolio, including SoulCycle. To mitigate losses, SoulCycle accelerated a to offerings, partnering with 's Variis to launch a $2,500 at-home SoulCycle-branded bike bundled with a $40 monthly Equinox+ subscription for streaming classes, directly competing with Peloton's established connected fitness ecosystem. However, this hardware play faced challenges from consumer preference for Peloton's earlier market entry and integrated app experience, as well as broader shifts toward home-based workouts that eroded demand for studio experiences emphasizing communal and instructor . Studio reopenings began unevenly in mid-2020, with protocols like requirements in some locations, but attendance lagged pre-pandemic levels due to lingering health concerns and habit changes. Post-2020 recovery proved elusive, culminating in August 2022 announcements of 19 to 20 studio closures—approximately 23-25% of its then-82 to 83 locations—including six in New York City, five in California, and others in Washington, D.C., Massachusetts, Illinois, and Canada, where SoulCycle fully exited the market. These shutterings, down from a peak of over 100 studios pre-pandemic, were linked to sustained attendance declines and operational inefficiencies exacerbated by COVID-altered consumer behaviors, alongside layoffs affecting about 75 employees. Efforts to adapt included temporary "SoulCycle Outside" pop-up classes and hybrid models, but the company under new CEO Evelyn Webster, appointed in 2021, emphasized in-person recovery while acknowledging divergent rider cohorts between studios and digital platforms. By 2025, while the broader U.S. fitness industry rebounded with membership growth, SoulCycle's footprint contraction signaled ongoing structural challenges in recapturing its experiential premium positioning amid hybrid fitness preferences.

Business Model and Operations

Core Offerings: Class Format and Pricing Structure

SoulCycle's core classes consist of 45-minute sessions in candlelit studios, where participants ride bikes in a group setting synchronized to curated, high-energy music playlists. Instructors deliver motivational , directing riders through choreographed movements that vary , , and positioning to mimic hills, sprints, and efforts. Light weights, typically 1-3 pounds, are used for upper-body exercises integrated into the ride, such as pulses and lifts timed to the , emphasizing full-body engagement over pure . A typical class follows a structured progression: an initial warmup song out of the , 4-6 tracks of mixed paces and intensities including climbs and taps, dedicated upper-body segments with weights, additional arm-focused songs (often starting slow and building), and a cooldown. This format fosters a communal, immersive experience with dim lighting and themed to enhance . Variations include SoulActivate, a 45-minute high-intensity class with emphasized spikes, timed pushes, and heavier weight integration for athletic conditioning; and SoulSurvivor, extending to 60 minutes for deeper endurance work. Pricing operates on a per-class or pack basis without a standard unlimited option, though introductory and subscription models offer discounts. A single class retails at $42 with a 30-day expiration, reduced to $25 for first-time riders. Class packs scale for savings: 3 classes for $120 ($40 each, 30 days), 5 for $198 ($39.60 each, 45 days), 10 for $390 ($39 each, 3 months), and larger bundles like 20 for $740 (9 months). The monthly subscription auto-renews a fixed allotment of classes at lower per-unit rates—4 for $134 ($33.50 each), 8 for $259 ($32.38 each), 12 for $374 ($31.17 each), or 16 for $481 ($30.06 each)—with classes expiring after 30 days if unused. Prices incorporate regional variations based on studio location, and special promotions, such as 2 weeks of unlimited access for $50 for new riders in early 2025, periodically apply. Student discounts further reduce rates, e.g., single classes at $30 or 5-pack for $145.

Studio Operations, Instructors, and Market Positioning

SoulCycle operates boutique studios primarily in urban areas across the United States, with additional locations in Canada and the United Kingdom, totaling more than 62 studios as of recent reports. Each studio hosts 45-minute high-intensity indoor cycling classes featuring stationary bikes arranged in a darkened room with loud music and motivational coaching. Classes incorporate segments of simulated climbs, sprints, choreography, and upper-body weight exercises using two-pound dumbbells provided at each bike station. Studio environments emphasize immersive experiences, with bookings required via app or website, and capacities typically accommodating 40 to 60 riders per session, though exact sizes vary by location. Instructors serve as central figures in SoulCycle's model, leading classes through curated playlists, verbal cues, and personal storytelling to foster emotional engagement alongside physical exertion. Prospective instructors undergo a selective training program that teaches SoulCycle's proprietary format, with opportunities for part-time or full-time roles including benefits like and stipends for full-time staff. Compensation structures have evolved, with average annual salaries around $59,000 for instructors, though top performers historically earned $300 to $1,000 per class before 2022 adjustments that shifted to a base pay of $100 plus per-rider bonuses to align costs with attendance. SoulCycle positions itself in the premium segment, targeting affluent urban adults, particularly women aged 25 to 55, who seek transformative, community-oriented workouts blending cardio, strength, and motivation over generic routines. This aspirational emphasizes exclusivity and loyalty through immersive classes and merchandise sales, differentiating from at-home competitors like and other spin studios via in-person energy and instructor . Operating in a fragmented $ market, SoulCycle commands higher pricing—often $30 to $40 per class—sustained by its role in pioneering the experiential niche, though post-pandemic studio closures reflect intensified competition and shifting consumer preferences toward hybrid models.

Ownership Changes and Financial Trajectory

In 2011, Holdings acquired a majority stake in SoulCycle, providing capital for studio expansion beyond its initial locations. By May 2015, Equinox increased its ownership to 97% of common stock through additional investments. Co-founders Elizabeth Cutler and resigned in April 2016, selling their remaining shares back to Equinox amid reports of internal tensions over growth strategy. SoulCycle has remained a subsidiary of the since, ultimately controlled by , with no further ownership transfers as of 2025. SoulCycle's financial performance followed a trajectory of rapid expansion followed by setbacks. Between 2010 and 2014, annual grew 60% to $112 million, yielding $25 million in net profit and reflecting high margins from and loyal ridership. The company filed for an (IPO) with the U.S. Securities and Exchange Commission in July 2015, aiming to raise funds for reduction and further studios, but withdrew the $100 million in May 2018 due to volatile market conditions and internal scaling challenges. The exacerbated declines, with Group-wide studio closures contributing to $650 million in 2020 against over $350 million in losses, as physical classes halted and obligations mounted. Post-reopening efforts included digital platforms and merchandise diversification, but SoulCycle's brand-specific metrics have not been publicly detailed since pre-pandemic peaks, amid broader industry contraction in boutique fitness.

Workout Format and Exercise Physiology

Description of the SoulCycle Experience

SoulCycle classes are 45-minute sessions of high-intensity designed as full-body workouts, where participants pedal stationary bikes in synchronization with the beat of high-energy music selected by instructors. Riders adjust bike to simulate climbs and sprints, incorporating variations in , body position (in-saddle and out-of-saddle), and movements such as push-ups or isolations on the bike for engagement. Upper body exercises, using light dumbbells typically weighing 1 to 3 pounds, are integrated toward the class's conclusion, focusing on toning through timed sets synced to the music. The typical structure commences with a brief warm-up song emphasizing out-of-saddle pedaling, followed by 4 to 6 of varied —including fast-paced sprints and resistance-heavy "hills"—before transitioning to the of two , often starting slow and building to a faster , and ending with a cool-down. Instructors, positioned at on an elevated bike, deliver motivational coaching, cues, and thematic narration to foster a and emotional release, often encouraging riders to "find their " amid the rhythmic . Studios maintain a dimly lit ambiance with dynamic effects tied to the music, amplifying the immersive, party-like yet disciplined atmosphere, though visibility relies on personal bike lights or instructor guidance. Participation requires compatible cycling shoes with Look Delta or SPD cleats to clip into the bikes' pedals, with rentals available at U.S. studios for a ; arrival 10 to 15 minutes early allows for bike setup, including seat and handlebar adjustments for comfort and safety. While adaptable to different levels via personal choices, the format demands sustained effort, blending cardiovascular demands with strength elements in a group setting that emphasizes collective rhythm over individual metrics like distance or power output.

Evidence-Based Physiological Benefits

Indoor cycling programs, such as those offered by SoulCycle, have been associated with enhancements in aerobic capacity, as evidenced by a systematic review of multiple studies showing improvements in VO2max and overall cardiorespiratory fitness following regular participation. These gains stem from the high-intensity interval training (HIIT) components inherent in spin classes, where short bursts of maximal effort alternate with recovery periods, leading to greater VO2max increases compared to moderate continuous training, with one study reporting up to 7 ml/kg/min elevations after structured HIIT cycling protocols. SoulCycle's 45-minute classes, featuring rhythmic pedaling at varying resistances and cadences synchronized to music, mimic these HIIT demands, promoting mitochondrial adaptations and oxygen utilization efficiency in participants. Cardiometabolic improvements are also documented, including reductions in and enhancements in profiles, such as lowered triglycerides and increased HDL , observed in systematic analyses of interventions. A on women with found that 12 weeks of significantly decreased total and LDL levels while improving insulin sensitivity, attributing these changes to the sustained caloric expenditure—averaging 400-600 kcal per session—and elevated post-exercise oxygen consumption. Body composition benefits include reductions in and increases in lean muscle mass, particularly in the lower extremities, due to the combination of and resistance from weighted segments in classes like SoulCycle, where participants engage dumbbells for upper-body toning alongside cycling. Muscular endurance in the , hamstrings, and glutes is bolstered by the repetitive, high-repetition nature of pedaling under load, with studies quantifying sessions as eliciting heart rates up to 85-95% of maximum, fostering improvements without excessive joint impact. However, these physiological adaptations require consistent attendance, typically 2-3 sessions weekly, and are most pronounced in untrained or moderately fit individuals, with in athletes due to ceiling effects on VO2max. Long-term adherence yields sustained cardiovascular risk reduction, but benefits are not unique to branded formats like SoulCycle and align with general HIIT .

Biomechanical Risks and Injury Potential

The stationary bike setup in SoulCycle classes, characterized by fixed handlebar and saddle positions, high pedal cadences exceeding 90 , and frequent resistance adjustments, can impose repetitive shear and compressive forces on the knee joint, elevating the risk of and iliotibial band friction if saddle height or fore-aft positioning does not align with participants' limb lengths. Poorly adjusted bikes exacerbate this by forcing compensatory movements, such as excessive anterior , which strains the hip flexors and extensors during prolonged sessions lasting 45-60 minutes. Upper-body exercises incorporating 1-3 pound hand weights while maintaining pedal revolutions introduce asynchronous loading, potentially destabilizing core stability and increasing torque on the shoulder girdle and cervical spine, particularly in forward-leaning "race" or "hill" positions that limit neutral spinal alignment. Handlebar grips sustained for the class duration often lead to ulnar nerve compression, manifesting as hand numbness or tingling, due to sustained wrist extension and pressure on the Guyon's canal. Dimly lit studios and choreographed movements emphasizing motivational intensity over form cues heighten the potential for acute injuries, such as lower back hyperextension during "hovers" or isolations where riders lift off the saddle without adequate gluteal engagement. For novices or deconditioned individuals, the class format's encouragement of maximal efforts amplifies biomechanical overload, contributing to cases reported after SoulCycle sessions, where muscle fiber breakdown results from unaccustomed eccentric contractions and metabolic under high . Inadequate recovery between high-intensity intervals further predisposes to cumulative microtrauma in soft tissues, with overuse patterns documented in cohorts showing elevated incidence of tendinopathies when weekly volumes exceed 3-4 classes without progressive adaptation.

Cultural Impact and Reception

Rise in Popular Culture and Celebrity Involvement

SoulCycle's ascent in the 2010s was markedly propelled by its adoption among high-profile celebrities, transforming it from a niche studio into a symbol of aspirational . By 2010, the brand had expanded to multiple locations, including one in , where hosted a fundraiser, underscoring its appeal to influential figures in and . Celebrities such as , , , and were frequently cited as regulars, with reports noting that Holmes and Cruise attended classes together prior to their 2012 divorce, further embedding SoulCycle in gossip and narratives. The involvement of A-list endorsers extended its reach beyond fitness enthusiasts, positioning SoulCycle as an exclusive social ritual. , , , and former First Lady were among those publicly associated with the brand by the mid-2010s, contributing to its cult status and international expansion plans, such as its 2019 entry into . Instructors themselves emerged as micro-celebrities, appearing in music videos for artists like and , and gracing magazine features, which amplified the brand's visibility through and entertainment crossovers. This celebrity ecosystem fostered a perception of SoulCycle as a transformative, community-driven experience, with studios in cities like , , and becoming hotspots for sightings of figures including and . By the decade's end, SoulCycle's cultural footprint reflected a blend of trend and status signaling, with over 45 studios operational by 2015 and a clientele that included business leaders like J. Crew's . However, this popularity also invited scrutiny over its high pricing—often $30–$40 per class—and the intensity of its front-row "" dynamics, which some observers likened to exclusive social clubs rather than mere workouts. The brand's growth from one studio in 2006 to a national chain was thus intertwined with cachet, though it later faced challenges in sustaining that early momentum amid broader market saturation.

Consumer and Media Critiques of the Experience

Consumers have frequently criticized SoulCycle's pricing structure, with single classes often costing $35 to $42 as of 2023, rendering it inaccessible for many and prompting questions about value for a 45-minute session. Reviewers in media outlets have echoed this, arguing that the expense does not justify the workout intensity, which relies heavily on motivational rather than superior equipment or instruction compared to cheaper alternatives like classes. The atmosphere has drawn scrutiny for fostering a cult-like devotion, with instructors positioned as charismatic leaders delivering sermons amid dim lighting and pulsating music, leading participants to describe experiences in reverential terms that border on obsessive. Critics in outlets like have highlighted how this exclusivity-driven "tribe" vibe alienates newcomers and reinforces an elitist social dynamic, where riders form intense loyalties to specific instructors, sometimes at the expense of objective assessment of the fitness benefits. Consumer accounts on platforms reviewed by note discomfort from overly steamy rooms, attributing excessive not solely to exertion but to poor , which can exacerbate fatigue without proportional physiological gains. Media analyses have questioned the transformative claims of the experience, pointing out discrepancies between polished —featuring idealized bodies—and the diverse, non-elite physiques of actual attendees, suggesting the hype prioritizes emotional highs over evidence-based results. A Times opinion piece described the format as emblematic of boutique 's darker undercurrents, where the communal "soul-searching" rhetoric masks a performative intensity that some riders find psychologically manipulative rather than empowering. These critiques underscore a broader sentiment that while the sensory —combining themed playlists and group —provides short-term , it often fails to deliver sustainable habits, with drop-off rates linked to from the high-pressure environment.

Controversies

Workplace Allegations and Internal Culture

In 2020, multiple current and former SoulCycle employees alleged a toxic internal culture characterized by favoritism toward high-profile instructors, who reportedly engaged in sexual relationships with clients, body-shaming of coworkers, and use of homophobic and racist language without significant repercussions from management. One instructor was accused of fat-shaming front desk staff and disregarding safety protocols, while another, Conor Kelly, allegedly slapped employees' bottoms and made inappropriate sexual comments during classes. Employees described a where senior instructors wielded outsized influence, fostering resentment and enabling misconduct, with one former staffer noting that "the more senior you are as an instructor, the more toxic you are." Corporate leadership faced similar scrutiny, particularly under former CEO Melanie Whelan, who was ousted in September 2020 amid reports of a "Mean Girls" environment involving bullying and aggressive expansion pressures from parent company Equinox. A lawsuit filed in August 2020 by former Senior Director Jordan Kafenbaum accused SoulCycle of pregnancy discrimination, claiming she was fired four weeks into maternity leave under the pretext of COVID-19 impacts, while alleging a broader culture rife with sexual harassment, including an incident where interim CEO Sunder Reddy simulated a sex act. The suit also referenced Whelan's remark that "paternity leave is for p----ies," directed at a male executive. SoulCycle settled the case in January 2022 without admitting liability. Additional employee accounts in late 2020 highlighted unchecked and , with instructors reportedly using slurs and promoting an exclusionary atmosphere that prioritized celebrity clientele over staff well-being. These revelations, amplified by media investigations, contributed to SoulCycle's reputational challenges during a period of financial strain and competition from , prompting subsequent CEO Evelyn Webster to emphasize cultural reforms in 2021.

Political and Public Backlash Events

In August 2019, SoulCycle encountered substantial public backlash after reports emerged that Stephen Ross, chairman of —the parent entity holding a majority stake in , SoulCycle's operator—intended to host a fundraiser for Trump's reelection campaign. The event, set for August 8, 2019, at Ross's residence, offered tickets priced from $5,000 per person to $250,000 for host committee members, drawing criticism for aligning a fitness brand perceived as promoting wellness and community with a polarizing political figure. Customers and celebrities, including and , publicly urged boycotts, arguing the association contradicted SoulCycle's ethos of empowerment and inclusivity, with social media campaigns amplifying demands to cancel memberships and classes. SoulCycle instructors, many of whom identified with progressive values, voiced internal dismay, with some confronting management and others publicly decrying the perceived endorsement of policies they opposed, such as restrictions and environmental . and SoulCycle responded with statements asserting political independence and no company involvement or funding, emphasizing that Ross's actions were personal; however, the brands offered temporary perks like discounted memberships to retain riders. The controversy led to measurable declines in engagement, with analytics firm Earnest Research reporting a 15-20% drop in SoulCycle bookings in major markets like and in the weeks following the announcement, as customers shifted to competitors like or . High-profile defections included Bay Area riders quitting en masse, citing moral incompatibility, while the episode highlighted the political vulnerability of lifestyle brands reliant on affluent, urban demographics with strong partisan leanings. Ross proceeded with a scaled-back event, but the backlash underscored tensions between corporate ownership structures and consumer expectations for brand alignment on social issues, without altering ' investment. No comparable political events have since prompted similar public outcry against SoulCycle.

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