Peloton is in the business of connected fitness. When Peloton launched exercise bike and treadmill as software intensive products about a decade back they were able to command a significant premium over other standalone fitness products. Pandemic did prove to be a tornado effect for the business - however they could not capitalize on.
https://en.wikipedia.org/wiki/Peloton_Interactive
https://www.nasdaq.com/market-activity/stocks/pton/financialshttps://www.marketwatch.com/investing/stock/pton/company-profile?mod=mw_quote_tab
https://seekingalpha.com/article/4566967-peloton-the-problem-is-the-product
https://www.si.com/showcase/fitness/peloton-app-review
https://www.wsj.com/articles/peloton-chairman-john-foley-to-exit-in-management-shake-up-11663014900 (video)