The discussion with Rich Baker, CEO at Wattbike, explored developments at the indoor cycling specialist.
Rich started by giving some background and his journey so far with Wattbike. The conversation then turned to the recent release of the next-generation Wattbike Atom. Rich noted that the new flagship indoor bike has been well received; and has “grown beyond our expectations.”
Rich noted that Wattbike has struggled to keep on top of demand. The company has effectively “grown two years in four months.” Keeping on top of this growth curve has sometimes been a challenge.
Rich gave his perspective on the rapid ascendancy of indoor cycling. He noted that the initial rise of indoor cycling was not a surprise, given the macro trends in the market and the steady rise in participation over recent years.
Into months, four, five and six of the pandemic, however, he felt that the continued strong growth of indoor cycling has perhaps been more of a surprise.
“The market has not slowed down, and we’re now getting into the winter season. But, we can’t think about seasons so much any more. We’re now seeing people who are indoor cyclists specifically, not just cyclists who just cycle indoors.”
Turning to e-sports, Rich noted that a PhD study is currently under way at Loughborough University in order to investigate how to get a global standard of power on the bike. He argued that there is currently no consistency in the power meter market. This is troubling for pro riders who are essentially paid according to the power they put out – with variances possible from one power meter to another.
For e-sports, the lack of consistency in power presents a real challenge. As world championships and paydays for riders become more common in e-sports, Rich said “It has to be independently regulated. As manufacturers, it’s about how we get together to address this.”
Recently, specialist investor firm, Piper, invested £11.5 million into Wattbike. Rich gave some background to the company’s long-standing relationship with Piper. He added that the new investment by Piper into Wattbike will:
- Look at global opportunities, investing to grow Wattbike’s presence in international markets;
- See the company continue to invest in hardware product & services for Wattbikers; and
- Involve investment into the business itself, in infrastructure to maximise the experience for all customers.
www.wattbike.com
www.piper.co.uk
