founded 2006 headquarters new york city united states number of locations 66 2016 1 2 areas served new york california new jersey massachusetts texas maryland washington dc connecticut florida pennsylvania illinois key people melanie whelan ceo elizabeth cutler founding director julie rice founding director products fitness classes indoor cycling bikes branded merchandise owner the related companies parent equinox fitness website soul cycle.com soulcycle is an american fitness company and brand headquartered in new york city . founded in 2006 3 it offers indoor cycling workout classes in eleven us states . 1 2 purchased almost entirely by equinox fitness in 2011 4 in 2012 soulcycle s net revenue equaled 112 million . 5 in 2014 soulcycle opened studios in chicago and boston eventually branching into miami houston philadelphia and dallas . 6 soulcycle filed for an initial public offering in july 2015 7 with plans to eventually open at least 250 studios . 7 at the time the los angeles times described soulcycle as the biggest indoor cycling chain in the u.s. 7 with around 72 000 rides sold per week 7 and 12 000 class participants a day . 8 according to the new york times soulcycle classes offer mood lighting a cadre of support staff to help you adjust your bike custom playlists that match musical beats to choreographed cycling moves and charismatic instructors who pitch your workout as a path to self improvement . 9 unlike many fitness companies the company operates on a pay per class model and does not offer memberships . 10 in 2016 fast company named soulcycle no. 28 on its list of the world s 50 most innovative companies of the year . 11 soulcycle organizes a number of philanthropic initiatives including charity rides and its soulscholarship program which provides free classes and workshops for youth . 12 contents 1 history 1.1 founding and early years 2006 2010 1.2 equinox acquisition 2011 2014 1.3 initial public offering 2015 1.4 recent developments 2016 2 facilities and staff 3 business model and ethos 4 civic involvement 5 see also 6 references 7 external links history edit founding and early years 2006 2010 edit the fitness company soulcycle was founded in new york city in 2006 . 3 although sharing a common interest in fitness 10 soulcycle s three co founders came from diverse backgrounds . julie rice a former talent agent from los angeles had moved to new york several years prior . elizabeth cutler was working as a real estate broker at the time 5 while ruth zukerman who left in 2009 8 was working as an indoor cycling instructor . 4 after meeting in 2006 5 they discovered a joint interest in operating an indoor cycling company 10 that had challenging but joyful workouts held in a chic and luxurious environment . several months after its founding 5 soulcycle opened its first studio for indoor cycling classes on the upper west side 10 in a former dance studio . 5 external video bloomberg enterprise the business of fitness on bloomberg video october 24 2014 with a painted rickshaw on the street as the only allowed signage outside their first studio 4 the founders established a 45 minute workout using indoor stationary bikes and hand weights . the wall street journal reported that they added a spiritual and mental component with riders exercising in dim lighting among scented candles . to make the workouts more enjoyable they put a heavy emphasis on music . each class has a custom playlist because the founders wanted every workout to have a different feel . 10 in an effort to make each cycling class a consistent but a new experience the company established a pay per class model instead of a monthly gym subscription 5 with each class initially usd 27 . 3 the first soulcycle studio became profitable within six months of opening . 5 10 a second cycling studio was opened in the hamptons in 2007 6 with business increasing significantly as a result . 4 initially self funded 5 early on soulcycle received an influx of funding from an investment cutler had in izze beverage company . 5 in 2009 the company began its instructor training program 6 and the following year the company expanded its locations in new york . 3 6 equinox acquisition 2011 2014 edit see also equinox fitness as part of soulcycle s philanthropy program in august 2010 chelsea clinton held a fundraiser for haiti at the soulcycle studio in bridgehampton new york raising 118 783 . at that point the press had also noted that public figures such as kelly ripa 3 4 brooke shields 3 jenna bush hager 13 max greenfield and david beckham were soulcycle clients . 14 in 2011 the company partnered with 6 and was acquired by the equinox fitness a subsidiary of the related companies . with soulcycle now operating as an equinox brand 4 equinox purchased a majority stake of 97 % . 15 soulcycle branched into the west coast in 2012 6 with a new studio in west hollywood . 5 at the time soulcycle had plans to expland beyond california and new york and into states such as connecticut . 4 revenue in 2012 equaled 36.2 million . 15 by september 2013 soulcycle sold around 70 items in its retail line and had around 6 000 riders use its studios each day . 10 that year the company expanded in the san francisco bay area 6 and the following year soulcycle expanded into boston and washington dc . 6 10 soulcycle gained press attention in january 2014 when oprah held her sixtieth birthday at a soulcycle class . 16 other high profile soulcycle clients at the time including models such as gisele b ndchen christy turlington alessandra ambrosio and emily didonato 17 as well as entertainers lena dunham katie holmes and lady gaga who brought custom soulcycle bikes with her on tour . 4 forbes reported that in 2014 people came to soulcycle for 2.9 million rides up from 969 000 rides in 2012 . 18 with 97 % of soulcycle s revenues coming from new york san francisco and los angeles in 2014 18 that year net revenue equaled 112 million 50 % greater from 2013 . net income came to 26.5 million up 42 % from the year before . 5 initial public offering 2015 edit soulcycle studio in san francisco in 2015 soulcycle expanded into miami and chicago in 2015 6 and by march soulcycle had 38 studios primarily in california and new york . 19 melanie whelan became soulcycle s ceo in june 2015 . 15 soulcycle filed for an initial public offering in july 2015 7 with plans to raise a minimum of 100 million 18 and eventually open at least 250 studios . 7 at the time the los angeles times described soulcycle as the biggest indoor cycling chain in the u.s. 7 averaging 72 000 rides sold per week 7 and 12 000 class participants a day . 8 by august 2015 the company had studios in seven states and the district of columbia 9 and employed 1 500 people . 5 overall in 2015 soulcycle increased its studio count from 37 to 55 11 all company owned 20 with stated plans to expand internationally in 2016 . 20 in october 2015 as with other artists 21 demi lovato premiered her new album confident to music reporters through a soulcycle session with guests such as sirah also cycling with the group . 22 lovato had previously stated that soulcycle had saved her from the well documented mental health issues and self esteem challenges she had in the build up to writing her new album . 22 recent developments 2016 edit on january 27 2016 inc. published an article on outlooks for the ipo market in 2016 with the author naming soulcycle as the company that seems to have stoked the most anticipation with investors for having many of the qualities that investors like it s profitable it s growing its customers are sufficiently fanatical and it s got plenty of room to expand . 23 also in january 2016 a class action lawsuit filed against soulcycle alleged that some soulcycle class passes should be legally considered gift cards and as such should have expiration dates of five years or longer according to the credit card accountability responsibility and disclosure act . 24 target partnered with soulcycle on a tour of the united states later that year with free classes offered to the public 25 in ten cities including denver minneapolis nashville atlanta 11 and seattle . 25 in january 2016 the new york times published an article on michelle obama s 13 use of soulcycle 26 with obama at times joined by her daughters in private sessions . 13 hillary clinton s presidential campaign held a soulcycle fundraiser in hollywood in march 2016 with chelsea clinton as host . 27 soulcycle founders elizabeth cutler and julie rice resigned from soulcycle in april 2016 to pursue other projects while remaining on the soulcycle board . 15 in 2016 fast company named soulcycle no. 28 on its list of the world s 50 most innovative companies of the year . 11 that august the publication estimated that soulcycle would offer 160 000 classes over the year . 26 facilities and staff edit as of july 2016 soulcycle had 62 studios in the united states 1 2 and employed around 1 500 people . 28 soulcycle s primary market is in new york city followed by southern california 7 while it also has studios in northern california new jersey massachusetts texas maryland washington dc connecticut florida pennsylvania and illinois where it has a studio in chicago . 2 continuing to expand in 2016 and 2017 soulcycle will open new stores in northern california 1 and will also branch into houston and philadelphia . 11 soulcycle has announced it will open its first non us studio in toronto in 2017 . 29 business model and ethos edit describing itself as an aspirational lifestyle brand 7 soulcycle markets itself as the place people come regardless of their age athletic ability size shape profession or personality to connect with their best selves . 9 the co founders have stated that when forming the company they were looking to create an environment where new yorkers would see excercise as fun and enjoyable as compared to a chore or requirement . 5 beyond classes soulcycle also sells soulcycle bikes and soulcycle apparel 28 releasing around 14 new collections of workout clothes each year . 5 villency design group designed the soulcycle stationary bike 30 which launched in 2012 6 with a split seat built to increase comfort and dual binding pedals . the bikes also have holders for free weights and a resistance knob to change difficulty settings . 31 soulcycle classes offer mood lighting a cadre of support staff to help you adjust your bike custom playlists that match musical beats to choreographed cycling moves and charismatic instructors who pitch your workout as a path to self improvement . new york times august 2015 9 the indoor cycling classes are held in dark often candlelit rooms . 7 with customized playlists for each class 7 the company has described them as cardio dance parties 13 19 that include a warm up 32 around 35 to 40 minutes of riding 7 five minutes of upper body exercises 19 with free weights while on the bike 7 19 32 and a cool down stretch for several minutes . 7 19 soulcycle claims that each class can burn up to 700 calories . 32 soulcycle s classes have around 20 000 attendees each week with around 440 000 clients approximated to be active overall . 33 according to the wall street journal soulcycle s business model is heavily dependent on its instructors who reportedly develop loyal followings among soulcycle clients . 8 in