Has Zwift Hit Its Peak? Indoor Cycling Competition Hots Up as Interest Fails to Excite

Zwift has been synonymous with indoor cycling for years, offering a platform that combines structured training with a gamified social experience. However, recent usage data suggest that Zwift’s growth peaked during Covid, prompting the question: Is “Peak Zwift” a thing of the past?

Tracking Peak Zwift

The concept of “Peak Zwift” refers to the highest concurrent user count on the platform, typically observed on the first or second Tuesday of January when winter conditions drive riders indoors. According to data shared in Zwift forums and elsewhere, the highest peak user count for 2025 stands at a tad over 37,500, significantly lower than the pandemic-era peak of 49,000 in 2021. for which there is a clear downward trend:

• 2021: 49,100
• 2022: 42,200
• 2023: 40,000
• 2024: 42,500 (a positive blip?)
• 2025: 37,000-38,000 (highest usage so far)

While a drop of 5,000 users (around 8.7%) from 2024 might not seem drastic, its downward trend, increased competition and rationalisation elsewhere in the market raise concerns about long-term engagement.

Factors Behind the Decline

Several factors contribute to this shifting trend:

• Post-Pandemic Normalization – Zwift saw unprecedented growth during the COVID-19 pandemic as lockdowns and gym closures funnelled cyclists indoors. With fewer restrictions, many former Zwift users have returned to outdoor riding, reducing the necessity of virtual cycling. However, if everything were rosey, we would expect the POST pandemic era to show an uptrend after 2022/23.
• Subscription Price Increases – Zwift’s recent price hike—raising monthly fees from $14.99 to $19.99—hasn’t helped, especially as economic difficulties bite in various parts of the world.
• Increased Competition – While Zwift remains dominant, newer competitors like MyWhoosh (mostly free) and IndieVelo (kinda free but…) are gaining attention. MyWhoosh has attracted elite racers and attention with its fully funded race series.
• Evolving User Expectations – DEspite improvements to the display metrics in recent months, some users are dissatisfied with Zwift’s graphical quality. I don’t think these criticisms are fair; perhaps these riders represent a particular cohort of riders who prefer hyper-realistic indoor riding based on cam-footage – Zwift will NEVER please these people.
• Weather and Seasonal Trends – Weather conditions play a role in indoor cycling participation. This year’s relatively mild winter in Europe may have kept more cyclists outside.

The MyWhoosh Effect

There is little Google search interest in non-Zwift indoor cycling platforms – except for MyWhoosh. Even interest in MyWhoosh lies significantly below Zwift.

Interestingly, the visual peaks in searches between the two platforms vaguely coincide.

Is Zwift is in Decline?

I was surprised to find that Zwift only has revenues of $103m (2023) yet received a cash injection of $450 in early 2020 (and $620 in total). After such a large funding round that level of revenue is ‘a bit rubbish’ for the market leader. At the time, the funding implied an eye-wateringly high valuation of $1bn, but the reality is that it is not worth anything close to that as of February 2024. [Me]

One of my sources  (ex-Zwift manager) specifically stated that in 2024, Zwift internally celebrated an achievement of one million active subscribers (ie a concurrent number of people paying).

While “Peak Zwift” numbers are probably down in 2025, it’s important to point out that overall participation remains three times higher than pre-2020 levels. A decline in peak users doesn’t necessarily equate to a business in trouble; indeed, Peak Zwift could fall while overall usage and subscribers increase (unlikely).

Zwift probably has a decent cash flow, considering its active subscriber base. However, others argue that Zwift’s earlier $1B valuation was based on overly optimistic growth projections that no longer align with reality.

Zwift: CEO resigns, more layoffs

What’s Next for Zwift?

If Zwift wants to sustain engagement, it may need to focus on:

• Enhancing the core experience: improving graphics, refining race verification, and continuing world-building features.
• Reassessing its pricing strategy: It’s becoming increasingly competitive. Ensure that price hikes do not alienate users and provide value for the subscription.
• Leverage the social – Zwift’s uniqueness is the sheer number of users. Leverage that. No other platform can compete on racing, riding or engaging with real people.
• Leveraging marketing spend effectively: Some users question whether high-profile sponsorships (like Tour de France Femmes) yield a significant return on investment compared to platform improvements.

My Take Out

I expect indoor cycling levels to remain stable or grow slightly over the coming years, but post-pandemic Zwift usage looks to be plateauing or declining.

The real shake-up will come from free platforms. Right now, MyWhoosh is the leading contender. I’ve used it on and off over the past year, and while the presence of bots is evident, its active (free-)user base has grown significantly. It offers a free, good-enough experience that works for many riders. The problem for Zwift is that not many people know about MyWhoosh—yet. Once awareness spreads, an exodus is possible. There is no barrier to exit from Zwift and no technical barrier to entry to MyWhoosh for any current Zwifter; you can even transfer across some of your achievements.

Looking further ahead, TrainingPeaks presents another real threat. Its analytics and training tools have locked in many users to its platform, and if a free IndieVelo-style training platform is bundled into the annual pricing, why would anyone leave TrainingPeaks?

Just because you or I enjoy racing on a technically superior platform like Zwift doesn’t mean it’s safe from serious competition. Platforms that cater to different types of riders do still pose a financial threat.

Let’s be honest—peak Zwift was 2021, not a Tuesday in January 2025.