Peloton (NASDAQ: PTON) closed its cycling studios in March 2020, just like every other fitness center did at the start of the pandemic. In 2019, the fitness industry had hit an all-time high revenue of around $35 billion, but it fell to $15 billion in 2020, a year that also saw the permanent closure of about 17% of gyms because of the pandemic. Peloton and its socially distant, at-home streaming workouts, on the other hand, had a banner year.
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